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21-09-2010, 01:34 PM
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FTB Query I was asked few weeks ago!
I am a first time buyer and looking to purchase my first home. My parents are willing to help me out if they can and we have heard about guarantor style mortgages, what are they?
The main guarantor mortgages available at the moment work in 2 different ways: your parent will be jointly assessed with your on the mortgage and jointly liable. In fact you find that in some cases you just apply for a standard mortgage with a parent being a joint applicant.; Ssecondly a bank will take additional security over your parents' savings and this will mean you will not have to provide as large a deposit. There are a number of other ways your parents could potentially help you out eg. Lending you money so you can put your own deposit down. There are a number of factors which you and your parents need to consider before acting on anything. It will be necessary for you to take legal advice and meet with a mortgage broker as there may be other suitable options available to you.
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Worldwide Financial Planning is a specialist independent provider of Large mortgages. 
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