We will accept applications for mortgages supported by a guarantor where the applicant themselves are not currently able to service the loan using their own income. These are only acceptable where the LTV does not exceed 80%.
The guarantor must meet the same status requirements as the applicant(s) and will be assessed on their ability to cover the entire amount of the guarantee, taking into account any existing mortgage or credit commitments. The guarantor must be close blood relative (i.e parent, child or sibling) and a resident of the UK.
Guarantor applications will only be considered where there is a realistic view that the applicant will be in a position to service the mortgage themselves in the forseeable future – this should be evidenced to us during the application process.
We are also able to accept applications where all or part of the applicant’s deposit is a gift from a close family member. For applications above 90% LTV the applicant should be ready to provide 12 months’ satisfactory rental history.
For more information, refer to our lending criteria or call us on 0330 123 1073.