The mortgage is a family guarantor mortgage, meaning the lender will take a charge on your a parent or grandparents property as well as the mortgage charge on your property, this is to reduce their risk of negative equity (when you owe more than the property is worth).
The lender has some set criteria for this mortgage so it is therefore not available to anyone. Take a look at the qualifying criteria below to see if the lender would consider you: -
- Must be age 25 or over.
- Must have at least 2 years clean credit record, with no CCJs in the last 3 years.
- Appluicants must be able to afford the mortgage payments themselves.
- Must be first time buyer(s).
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