Guarantor reversed.

Robert_Sterling_3

An obvious alternative is for you to give to your parents £40 each week. That is a rough guess at the amount of money which you would be spending on a mortgage. This way the house belongs to your mother and you and your less well off siblings would be able to have equal shares at the end of the day in the estate of your parents. :A

Debt_Free_Chick

Agree with Robert - simply give your parents £x per month, roughly equivalent to the repayments you would make on a mortgage.

Are you sure equity release or downsizing is not an option?

opinions4u

My main concern is that if you act as guarantor on somebody else's mortgage, you could significantly impact on your own ability to raise finance in the future.

You are wholly liable for any debt you guarantee, and those lending to you may take this debt in to account fully, before deciding how much they will lend you.

Go in to this sort of arrangement with your eyes wide open. You are liable for your parents' debts, you are potentially restricting your own lifestyle (if not now, in the future) and you may well open a can of worms with brothers and sisters too.

Me? I wouldn't do it.

As Debt Free Chick says, is downsizing an option (living within their means)?

I'm no fan of equity release, especially in the current market!