mortgage broker | UK mortgage broker advice on guarantor mortgage

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Guarantor mortgage schemes are available to the majority of first time buyers. as long as you have a suitable guarantor which in most case will be the parents/parent. In most cases the guarantor will need to be a homeowner in the UK. and either employed or self employed with an annual income sufficient to cover their own mortgage and plenty of disposable income. to cover the mortgage applicant. A mortgage broker should be able to guide you through an initial fact find. to make sure you qualify. Mortgage lenders are ideally looking for guarantors to be on a good income, home owners with a no or a very low mortgage balance. outstanding on their current property. The mortgage underwriter will then take into account the income of the applicant and the income of the guarantor before applying the income multiple to see what the maximum loan figure would be. For example.

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