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Parents as guarantors?
needsomehelpplease_2
Posts: 3 Newbie
Hi, me and Partner are looking for a first time mortgage but it's just not happening for us as my bad credit rating, the only people who will lend are looking for a 25% deposit, and the houses down in Exeter are an average of £150,000 for a 2 bed terraced. We have a £25k deposit, but nothing here for £100k. My parents are more than happy to act as guarantors, anyone used parents as guarantors before? Or do u think it will still be a no go cause of my credit rating?
0
Comments
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Your credit rating won't help.
Also, your parents will have to have to have enough income to cover their mortgage , and theirs ( if applicable)I am a Mortgage adviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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