Shared Ownership/Guarantor Mortgage/Bad Credit?
Hi all,
Im 30 and stupidly have a vastly bad credit history so thought i couldnt get a mortgage. I earn lb19500 a year and enjoy found out that you can buy a 2 bed flat in Cardiff on a 50/50 shared ownership scheme here for lb60000 share and lb120 rent to housing association for the other lb60000. My quiz is is there any way my parents who are surrounded by their late 60's with a lb400 000 house (they enjoy no mortgage) act as guarantor on the lb60000 mortgage or even get a mortgage within their name for this property? Im not sure if they would be penalised due to their age? They have also offered to foot a lb5000-10000 deposit if required.
Any advice would be great!
Answers:
Firstly have you see a copy of your credit report to confirm your credit 'status' - may not be as bad as you think. Secondly if you are aft with debts etc try and get them at smallest up to date, or even paid off if you can afford it.
On the subject of guarantors, lenders will want to know the INCOME of guarantor and base lending judgment on that. However not sure if any lender accepts guarantor on Shared Ownership properties. The deposit would certainly minister to your case.
Parents could raise lb60k beside an Equity Release mortgage secured on their home (income irrelevant in this case) This would need detailed ethnic group discussion, especially if you have brothers and sisters. Speak to a qualified Independent Adviser ( contact me if you wish). Good luck Source(s): Independent Mortgage Adviser
They are unlikely to get a mortgage but may be capable of act as guarantor. Every lender will have different criteria so you call for to ask around.
Related Questions:
Did you consider McCain's plan to buy up doomed to failure mortgages to take things on track?
ACORN + Obama = subprime mortgage meltdown. That is what the great community organizer has accomplished. If specifically "equal rights" then you can count me out. Pray for a miracle. Even "bad" mortgages...
Im 30 and stupidly have a vastly bad credit history so thought i couldnt get a mortgage. I earn lb19500 a year and enjoy found out that you can buy a 2 bed flat in Cardiff on a 50/50 shared ownership scheme here for lb60000 share and lb120 rent to housing association for the other lb60000. My quiz is is there any way my parents who are surrounded by their late 60's with a lb400 000 house (they enjoy no mortgage) act as guarantor on the lb60000 mortgage or even get a mortgage within their name for this property? Im not sure if they would be penalised due to their age? They have also offered to foot a lb5000-10000 deposit if required.
Any advice would be great!
Answers:
Firstly have you see a copy of your credit report to confirm your credit 'status' - may not be as bad as you think. Secondly if you are aft with debts etc try and get them at smallest up to date, or even paid off if you can afford it.
On the subject of guarantors, lenders will want to know the INCOME of guarantor and base lending judgment on that. However not sure if any lender accepts guarantor on Shared Ownership properties. The deposit would certainly minister to your case.
Parents could raise lb60k beside an Equity Release mortgage secured on their home (income irrelevant in this case) This would need detailed ethnic group discussion, especially if you have brothers and sisters. Speak to a qualified Independent Adviser ( contact me if you wish). Good luck Source(s): Independent Mortgage Adviser
They are unlikely to get a mortgage but may be capable of act as guarantor. Every lender will have different criteria so you call for to ask around.
Related Questions:
Did you consider McCain's plan to buy up doomed to failure mortgages to take things on track?
ACORN + Obama = subprime mortgage meltdown. That is what the great community organizer has accomplished. If specifically "equal rights" then you can count me out. Pray for a miracle. Even "bad" mortgages...