The mortgage monkey can help you climb onto the Property Ladder
If you're looking for your first home and want to get your foot on that first rung of the property ladder at last, you'll already know just how difficult that can be. Even though your income limits how much you can borrow, a mortgage monkey Mortgage Advisor can help you find a way to buy your first home.
Many lenders offer mortgages for first-time buyers if they have a guarantor. This is someone who takes responsibility for repaying the mortgage if the borrower is unable to do so.
In this case a guarantor's income must be enough to service all or part of the loan (as well as outgoings on their own home), depending on the lender's conditions. Due to the nature of the undertaking, guarantors tend to be parents or close family members of the borrower Lenders have developed and redefined guarantor mortgages in recent times so that a parent can now act as a guarantor on the mortgage without the requirement of being placed on the mortgage deed, thus avoiding potential equity transfer, tax and inheritance issues in later years. Lenders have recognised the problems facing young would-be first-time buyers, and there is a wide variety of different schemes available to suit a range of circumstances.
Your home may be repossessed if you do not keep up repayments on your mortgage.
If we charge a fee for arranging a contract for you, the amount payable will be based on 0.35% of the value of the loan applied for, with a minimum of £500. In a small number of circumstances, it may be necessary for us to charge a higher fee. This will be agreed with you in writing prior to any chargeable work commencing.