Thread: Mortgages (U.K) - guarentor mortgage - calling anyone who knows!?

My partner currently has a mortgage in the UK and has done for a good few years. We are now looking to move in London and my parents think I should go on the mortgage with him which I can afford. The only issue is that I am a contractor in a professional role with a steady market of contract roles however I dont think any mortgage company would give me a joint mortgage because I dont have a 'steady' permanent income (which is only true in theory as I have had no problems going from one contract to another and earn pretty well). My partners current mortgage company said that they would probably look at me if I was a self employed plumber or electrician as there is always work! A solution may be that my father has said that he would be a 'guarentor' for me and would accept liability to pay the mortgage if I defaulted. Does anyone know if any mortgage companies would do this and allow the 2nd person to have a guarentor but be named as the mortgage? Help appreciated! Thanks!

I'm not sure exactly how things work in the UK, but in the US if you have a history of annual income at a certain level (based off multiple years tax returns) then an income level can be established for you. Most lenders here accept it. I would imagine most do over there as well but like I said I'm not familiar with the UK.

Do you have a couple of years history doing what you do with documentable proof that you earn what you say you earn every year? If so, try asking a mortgage person there if that will do (I really think it should).

Good luck!

some lenders in the uk do take contractor's income into account. it is best to contact the larger lenders such as halifax, natwest or santander. as erik said, if you have continuous employment in contract roles your income can be considered.

with regard to guarantors, most lenders will accept them if it is for s short period and they can see that an applicant will be able to take over the mortgage in their own right within a specified period of time, e.g. if a trainee accountant or solicitor (lawyer) will be able to afford the mortgage on their own after passing exams.

another alternative if your partner can afford the mortgage based on their own income is to add you to the mortgage without taking your income into account.