Guarentor Mortgages

[Freeat40]

Hi I'm thinking of applying for a guarentor mortgage with my sister as the guarentor. Does anybody have any experience? reason is I'm on a low income, and want to buy my ex out of the house but cant afford the mortgage on my own.

I think the best place to start is with a mortgage broker (London & County) are a large company that could help with this question as they will need a lot more detail from you and hopefully will be able to find you a mortgage provider who will accept your sister as a guarantor.
Good luck!

If you can't afford the mortgage on your own then it sounds like you need a joint mortgage not use your sister as a guarantor. You still have to prove you can pay it and they're actually pretty rare these days.

What are you looking at on income vs house price?

Is your sister independently wealthy and capable of buying a house for you?

A guarantor mortgage is a dangerous agreement for the guarantor to agree to. If your sister came on here posting "my sister who is on a low income wants me to be a guarantor on her mortgage, should I do it?" she would be advised to only proceed if she could afford to gift you the mortgage payments every month until the mortgage is paid off. If she does it, it will be a spectacularly generous and kind thing to do - even if you don't intend to ever make her fulfill her guarantor obligations, no one can predict the future and it is an enormous risk to promise that she will guarantee to step in if anything whatsoever (including you simply deciding not to pay) stops you from keeping up on the payments.

It would be safer for her to buy a property herself and have full ownership of it, and then have a formal tenancy agreement with you. That way if you default on the rent she does have a legal recourse to evict you and sell the property to get rid of the liability whereas a guarantor on a mortgage has no rights. You can have a separate agreement that says that if you pay the rent on time in full until the mortgage is fully paid off then she will gift you the property but if you ask for that the rent you pay should be higher than a standard market rent. She would be doing you as huge service and severely hobbling her own financial options for decades.

UhareFouxisci. She is incredibly wealthy actually, well not incredibly but wealthy enough to be able to afford her and my mortgage should she need to. I do understand she would be liable, however I am fortunate enough to come from a family where, in times of need, we support each other. (not evict them). I dont want her to buy me a house and I rent it off her as I have been paying the mortgage quite comfortably on my own, I was trying to understand how I may qualify for a mortgage and I think the suggestion of using a broker is a sensible one. I already own the property via a joint mortgage with a soon to be ex and my sister is enabling my children to stay in their family home. I am very luck and grateful that I am able to even consider this!

Worth talking through the situation with a broker and from your second post looks like it could be a good option. Can I just say there are other reputable brokers out there other than the one already mentioned! Ask around, use someone local, whole of market and that doesn't charge a fee.