Guarantor / joint borrower sole proprietor mortgages

[Unsureofthescore113]

Anyone had any experience of these? I’m trying to get one but have been told they have been pulled off the market because of covid.

I have separated from my husband and it’s the only way I can get a mortgage on my own.

Anyone?

I enquired about this with my mortgage broker recently and he said they’re not common but possible with some lenders. It was London and Country and they’re free to use so could be worth calling? I’ve found them v helpful so far.

I’m also separating and all self employed so struggling to borrow what I’ll need. A guarantor is my back up plan but then not many lenders are keen on me being self employed so to find one that will lend to me as well as doing guarantor is probably unlikely! Hoping my inconsistent monthly income on bank statements doesn’t shut me down when it comes to the real application (rather than just the agreement in principle).

Good luck, I really hope you can do it.

Thank you, I’ve been onto London and country, mojo mortgages, and a few independents. None of them can help me as the products have been pulled, so I’m stuck living with the ex or renting until the world decides to speed up again. ☹️

@Unsureofthescore113 I'm so sorry, that is truly crap. I'm living with my ex at the moment and it's getting harder (it's been 6 months since we decided to split but lockdown has made it a very slow process). I really hope there is a way out for you soon, I completely empathise

Have you tried Barclays or Skipton my sister is currently doing one and was offered by both. Her joint mortgagee doesn’t have a mortgage themselves though.

Have pm’d you like a mother, we are spookily very similar!

Thank you always in a spin5 - I have a telephone appt with Barclays next week but didn’t hold out much hope I will look into Skipton - thanks very much for that :-)

Has anyone heard of a family springboard mortgage?

My sister looked at it, but she has the deposit (30%) it is the fluctuating income and lack of long term employment contract as she is an agency worker that was the problem so the joint borrower was more suitable.

She was told by 2 brokers it wasn’t possible so I decided to try and help her. We put applications in to Skipton and Barclays at the same time and both said yes. I think brokers are good if the computer system they use has the mortgages listed but when it’s something like this and it’s harder to do for the commission as they aren’t standard, with a lot of easier applicants at the moment - saying it isn’t possible is the easier option especially when you can use the time to do 2-3 regular applications.

Beverley Building Society also offer them, the my only had a variable rate when I looked, as they only have a couple of people in the mortgage team your application is assessed by a person not a computer like some of the larger banks.

You could also try Furness, Principality and Nationwide. I didn’t get as far as calling them but they were on my list. They all assess differently, in the end Skipton have said yesterday she doesn’t need a joint mortgage as they can assess her on her income . I think sometimes if you have unusual circumstances you are better calling the bank to explain rather than relying on a third party to explain them.

That’s really really useful info - thank you :-)

Did the brokers give any indication of when they thought JBSP mortgages might come back on the market again?

It's so frustrating, especially if you are someone for whom the pandemic hasn't affected your job security / earnings in any way. I sympathise!

So, I’m back, with more advice needed if possible.

So I ended up speaking to Barclays who did an affordability check and said he sees no problem with being accepted, I just need to find a house before they send it to the underwriters. Great!

So I’ve found a house, made an offer and it was accepted. Phoned Barclays this afternoon, was told to do the mortgage it online, it takes 10 minutes as opposed to an hour. So I did that, and it was rejected...

I tried phoning back but couldn’t get through. So went onto online chat, and spoke to a lady who said I’d need to open an account with them (as well as any joint borrowers) before they consider it. They’ve arranged for a mortgage advisor to call me tomorrow to run through affordability checks again then have an appointment next week to process the mortgage?!?!

Has anyone got any helpful advice as im feeling proper down about it all. I have to wait a week to find out I potentially have no mortgage after all and lose the house that’s just so perfect....

I’ve tried phoning online brokers and none are available to talk to me as too busy.

Feeling so down and at a loss.

Any advice would be appreciated :-(

So are you doing a joint mortgage with a family member and they won't live in the property?

Unsure what having an account with the lender has to do with it, I would think it's been declined for another reason

Barclays are shite in my opinion!

Really unhelpful that they've declined your mortgage as now you'll have to declare that on all subsequent mortgage requests which will throw up a red flag.

Would you be better off going through an independent mortgage advisor who can sift through the products available? When I read you're opening post I was going to suggest you needed a specialist mortgage company like the Kensington.

If its just immediate family on the mortgage with you but not living in the property no reason it needs to be a specialist, santander offer them so no reason that would need to be a specialist broker

I’ve been trying mojo mortgages and London and country, who both are too busy at the moment to talk to me.

I hate all this waiting to see if I’m eligible. In the meantime the house is having more viewings and I could lose it if I’m not quick enough.

I really really hate this process

Yeah always best to get your mortgage approved in principle before you start seriously looking. Saves any heartbreak!

I tried to do this but Barclays said I needed to get a house first so they could send it to their underwriters with the correct info!!! Believe me I tried!

So hopefully Barclays will be phoning me today, as well as some mortgage brokers. I feel absolutely sick with anxiety about it all, and a friend in the business has told me it’s very unlikely they’ll give me the mortgage I want because of the current situation. I just need them to phone me and tell me no so I can deal with it and move on. I’ve already accepted I’ve lost the house and will have to stay living with my ex until I find another solution, and it really sucks. Eight months ago I decided to leave and unless I rent (and in my opinion throw money down the drain) I’m stuck living here because no one will lend to me. I’m truly truly sad today

Good luck, @Unsureofthescore113. Keep us posted as many of us are in the same boat. If I move out rent will cost more than a mortgage on a property I'd like to buy but I'm not able to borrow enough to get the mortgage. It is so tricky.

Don't loose heart, honestly there's a mortgage out there for almost everyone with the right company, you just may pay worse interest rates than at high at lenders. This is where your brokers are helpful because they can whittle down the suitable products quickly. Keep being hopeful!

Thanks. See this is the problem - my parents are being very helpful in letting me involve them in the joint borrower mortgage but refuse to go with anyone other than a high street bank.

Have you spoken to a mortgage broker? Mine is an absolute star and one of the most lovely people ever. I can give you her details if you pm me. It was all done via email and phone so no need to be local. She always says she can get a mortgage for anybody.

@unicornparty May I be very cheeky and ask for her details also, don't need to remortgage until Xmas but my broker has just retired so looking for a new one!

@Unsureofthescore113 did someone further up the thread mention Santander as an option? Might be worth looking into.

Any reason they're fixed on a high street name?