Guarantor Mortgage

[trampoline123]

Does anyone have or know much about guarantor mortgages?

We were gifted a small deposit a year or so ago but never had an offer accepted.

I'm now back at work after maternity leave and because our outgoing childcare costs are so high we can now now longer get a mortgage.

My BIL mentioned guarantor mortgage which my FIL has said he will be happy to do for us until the kids are at school.

I was slightly relieved we couldn't get a mortgage, we are first time buyers and the current financial climate is making me really nervous.

I thought these were not a thing anymore? We had one for our first house when DH was doing his PhD, he brought in more money than I did but it wasn’t classed as wages by the mortgage company so they wouldn’t take it in to consideration.

Posted too soon, my best advice is to speak to a mortgage broker, they can really help you find the best deal.

We have been using a mortgage broker, he managed to find us a lender but they'd only lend us £200k which is about £170k less than what we had before and need.

I was happy to invest our deposit in to a first time buyers ISA and start again in a few years.