UK Mortgage Guarantor?

[Hells_Belle]

I need a €65,000 mortgage on a €190,000 property, but am self-employed and do not have two years of accounts. We are first time buyers. My FIL is willing to act as a guarantor and certainly has the assets, but lives in the UK. My parents are also an option but live in the US.

Does this preclude us from getting a guarantor mortgage?

The Simply Mortgages [broken link removed] seems to imply that having FIL as a joint applicant might be a better way to go; does anyone know anything about having a joint applicant who is not an Irish resident?

Thanks.

 

[alandolan]

Hello Helles_Belle,

In regards to your query, there are one or two options available to you.

Your Loan to Value is low at 34%, which is a big positive, and while two years accounts are required by most lenders, there are a number of lenders who will look at these situations. They will take into account your accountants analysis of your company's past performance, and future expectations of the business and your income.

My advice would be to progress matters along the line outlined above, rather than a foreign gurantor, as lenders would be slow to rely on a foreign guarantor, unless a lien over funds banked in Ireland were part of the guarantee.

I hope this info is of assistance to you.

Alan Dolan
www.zincmortgages.ie