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Guarantor mortgages - for family only?

(4 Posts)
eternityleave Mon 16-May-16 14:06:20

I'm hoping to buy a house (not a first time buyer but trying to get back on the ladder following a divorce), I have a half-decent job and a reasonable deposit so have managed to get a mortgage in principle but its not quite enough to get a house thats suitable for the needs of my family.

I have a close friend who has now offered to act as a guarantor for a mortgage for me so I can afford something in a higher price bracket - they're well off and have paid off their mortgage so in a comfortable position to do this. Since my MIP repayments are much less than the rent I pay currently and I have savings etc in theory I could manage the repayments no problem even with her as a guarantor. Obviously we would both need to take financial advice and have a legal agreement in case something happened to damage our relationship.

The products I've looked at online however seem to say that only family can be guarantors - is there anywhere that would offer me such a mortgage with a friend or would it be wasting our time? Can anyone advise please?

SaveSomeSpendSome Mon 16-May-16 14:08:07

I ve no idea whether it has to be a family member or not but just wanted to say what a nice friend you have!

eternityleave Mon 16-May-16 14:24:27

Hah thanks Save, yes I'm really very lucky to have her! It's been a tough time all round with the divorce etc and she's really been good to me. smile

concertplayer Fri 20-May-16 09:07:52

You need to ask the Mortgage co who they would accept as guarantor

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