Hello
First off let me say I'm pretty new when it comes to understanding mortgages so any help would be great. Here goes;
Me and me partner are both saving for a deposit and we have worked out we can save around £15,000 - £20,000 in 16 months. We are probably going to go and save that with Nation wide 'Save to Buy' account.
Our predicament is that we want our first home (as we have only been renting the past 3 years) not to be another 1 bed flat. We want to have a minimum of 2 bedrooms with a garden and ideally a house.
Our joint income is £41,000 not including bonus's etc... and we do not have any outlays apart from car insurance and a mobile phone bills. From what I've read we can borrow 3 times our salary (£123,000). Here is the next problem within our area Brighton, a 2 bedroom house is a long the lines of £200,00 - £250,000 is it possible that my mum can act as guarantor as she has only £18,000 left to pay on her mortgage of £250,000 to help us borrow more money?
Thanks!
First off let me say I'm pretty new when it comes to understanding mortgages so any help would be great. Here goes;
Me and me partner are both saving for a deposit and we have worked out we can save around £15,000 - £20,000 in 16 months. We are probably going to go and save that with Nation wide 'Save to Buy' account.
Our predicament is that we want our first home (as we have only been renting the past 3 years) not to be another 1 bed flat. We want to have a minimum of 2 bedrooms with a garden and ideally a house.
Our joint income is £41,000 not including bonus's etc... and we do not have any outlays apart from car insurance and a mobile phone bills. From what I've read we can borrow 3 times our salary (£123,000). Here is the next problem within our area Brighton, a 2 bedroom house is a long the lines of £200,00 - £250,000 is it possible that my mum can act as guarantor as she has only £18,000 left to pay on her mortgage of £250,000 to help us borrow more money?
Thanks!