The recent price increase in houses has left many young people unable to afford their own home, and are therefore looking to their parents and relatives to act as guarantors for the mortgage.
A Guarantor mortgage enables first time buyers to borrow more than standard income multiples would
allow.
These schemes are designed for those who are studying for professional qualifications, graduates, and young achieving professionals, as it is expected that the purchaser’s income should rise sufficiently to cover the mortgage in the coming years without the need for a guarantor.
The guarantor mortgage is suited to students who want to get on the property ladder and have parents who can show that they can afford to repay the loan. The mortgage can be held in their child's name, while they act as guarantor. Their son or daughter could then rent out rooms, if so desired, and the revenue generated should pay the mortgage.
At Mortgage IQ our specialist mortgage advisers are experienced in finding the right mortgage in any situation. If you would like some advice or help in finding the best deal available for you please give us a call; we will be happy to talk to you.
Many mortgage lenders now offer guarantor mortgages. It is important that financial advice is taken before committing to a guarantor mortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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