Parent Guarantees

johnnyderby

Hi could anybody tell me of best lenders for mortgage with parents as guarantees.I am 37 and my parents paid off there mortgage 11 years ago and its vaue is about £150,000,i have 1 default £3450 which i am paying off through courts out of my salary which is about £30,000 pa.My parents are aged 62 and 60 could they put part off there house as deposit for me replies welcomed

poppy10_2

You do realize that if you default again, your elderly parents will be chased for the debt and that they are putting their own home at risk?

Surely you should sort out your own debts first, paying off the default you have, before you even consider dragging your parents into your financial obligations?

johnnyderby

They are happy to do this and the default is with Welcome finance and we all know what they are like,in my view i am not putting their house at risk as i have been paying £750pm for the last 4 years on rental with no worries and i am sorting my debt out as said.

poppy10_2

johnnyderby wrote: »

the default is with Welcome finance and we all know what they are like.

Yes, they are sub-subprime lenders for people who don't know how to manage their own money. You shouldn't even be thinking about getting a mortgage at this stage, much less one that drags your parents down with you.

scottishblondie

I would just point out that even though you may be good to make the payments at their ages your parents may well not be accepted by any lenders as guarantors, as they will both be on pensions well before the term of the mortgage is up and therefore probably wouldn't have sufficient income to cover the repayments.