Guarantor Mortgages

[s1962a]

Are they such a thing?

What if you wanted to help a mate get on the property ladder, but they are self employed with low earnings. Earnings would be good enough to pay the mortgage but not enough for a decent LTV. Would a mortgage company accept a guarantor in this situation?

Assuming they had the deposit, could a guarantor help in this situation? Joint tenants wouldn't work so well with the extra stamp duty implication for the guarantor (assuming they already had a property)

Is there a better way?

Cheers

[Sarnie]

Yes, it's possible, makes it more difficult if you aren't family though......

[Scrump]

I have been guarantor for a family member to enable them to obtain a mortgage.

[hotchy]

I think it's a terrible idea imo. Too many times on those cant pay take it away programs they've been in taking peoples stuff away because the daughter/cousin/ never paid the rent/mortgage and the poor bloke who paid his own lost his stuff.