First Time Buyers & Guarantor Mortgages

First Time Buyers & Guarantor Mortgages
If you are thinking about purchasing your first property It would be prudent to save up as much as possible before buying your first property to cover not only a deposit but also the associated costs of purchasing, such as solicitors/conveyancers fees, survey fees etc (see buying a home).

Mortgages up to 95% of the property value
These types of mortgages are available for first time buyers as long as your income or joint incomes can meet the Lenders pre-defined income multiple requirements or affordability calculator criteria and other underwriting criteria.

Mortgages lenders are tending to favour the use of affordability calculators to assess mortgage applications.

Guarantor Mortgages
Alternatively, if you are unable to meet the lenders mortgage lending criteria, they may consider having a family member or a close friend acting as a guarantor for the mortgage. Your guarantor must be financially able to satisfy the mortgage lender that they are able to pay the mortgage payments in the event that you default. The mortgage lender would expect you to be able to be in financial position to assume full responsibility for the whole loan after a few years. The guarantor should be strongly advised to seek and take independent legal advice before agreeing to act as guarantor.

Any questions, please call Telephone 0800 043 042 7