Mortgate and Relationship breakup

littlemissy29

Evening, I wonder if anyone can give me some advice.

My brother recently split up with his gfriend, they lived together and both names are on the mortgage. My brother now wants to remove her from the mortgage (with her permission obviously). Unfortunately his lender has told him that they cannot loan him the full value and that he would need a guarantor for 25,000 of the total. He has asked me to be guarantor but I would like to know what other options would he have?

The lender said my parents are too old to be Guarantors (they are 65 and 63) is this the case?

If i was to be guarantor what are the implications.

Are there any alternatives for him?

Thanks

Littlemiss29

inca_2

You would need to take separate legal advice to him I think, I'm sure most lenders will require that. Basically if he doesn't make the payments you are also liable as guarantor so you need to think carefully about this. The lender will also take into account any existing debt you have into account when deciding whether you can afford to be his guarantor, especially including any mortgage debt you may already have. I feel for your brother it's a difficult time for people who are splitting up and own property, I've seen a few people struggling, especially where they had high loan to values and only bought recently.