Struggling to save a deposit? With a guarantor loan you may be able to borrow up to 105% of your property’s purchase price.
If you have someone in your life who can act as guarantor, a third-party home loan could be the perfect option for you. And the great news is, we know from experience that many people can remove the guarantee in 3 – 5 years.
Many lenders allow a family member to help you to buy your own home by providing additional security. The person providing this assistance is known as a guarantor.
A guarantor allows the equity in his or her own property to be used as additional security for your loan.
Guarantors are generally limited to spouses or immediate family members. To use a guarantor, you must be able to service the entire loan on your income.
No, they don’t; some lenders will allow a limited guarantee.
A limited guarantee simply means the guarantor only needs to secure a part of the loan, rather than the entire amount. This will benefit the guarantor from unnecessary risks, as they won’t be liable for the entire loan.
Without a doubt, the best way to find the home loan solution that is right for you is to have a talk with one of the team at Flexi Financial. In a free, confidential consultation we can help you find a solution that is best fitted to your unique circumstances.
If you decide a guarantor home loan is something you’d like to explore, you can start the conversation with your family member.
We always recommend that anyone considering being a guarantor for a property loan should seek independent legal and financial advice before accepting the role.
And remember, if a Guarantor Loan isn’t for you, there are still plenty of other options to consider. Learn more about low deposit home loans here.
Finding it difficult to save a 20% deposit? There is another option…
Did you know that by using a low deposit home loan, it’s possible to buy to a home with as little as 5% deposit? If you’re struggling to save the traditional 20% deposit … talk to us to find a better solution.
A low deposit home loan is sometimes called a 90% or 95% home loan and it allows you to buy your home with as little as 5-10% deposit.
Low deposit home loans usually come with extra criteria, so it’s important you fully understand your commitment before you sign on the dotted line.
At Flexi Financial we have access to over thirty different lenders so you can rely on us to find the loan that’s the right fit for you – with the lowest possible rates.
Without a doubt, the best way to find the home loan solution that is right for you is to have a talk with one of the team at Flexi Financial.
Cookie cutter approaches don’t work. You need a solution that is fitted to your unique circumstances, delivered by someone who has your best interests at heart.
In a free, confidential consultation we can let you know what the best options for you might be. We’ll also be by your side through the buying journey, making sure you understand the process every step of the way.
Low deposit home loans carry extra risk for the lender, and there are several options available to offset that risk for the lender. Each comes with set criteria.