joint or gurantor mortgage with parents

dz6kb4

Hi all,

I'm thinking of buying a house for 200k with 30k deposit. My salary is just a bit low to get the full 170k I need so I need some help from my parents.

Has anyone got any advice on whether to go for a joint mortgage with my dad or have him as a guarantor. The way I see it is:

Joint - will have to pay stamp duty as only I am FTB. Rates will be higher than normal joint mortgage as he will not be living in the property.
Guarantor - he is 60 so will he even qualify? He has been self employed for 2 years and can easily afford the whole mortgage. Only has 2 years of accounts to prove profits. no stamp duty to pay?

Which is the best option?

Many thanks.

zarazara

this is the sort of thing which has fuelled the flames of the houseprice rise.If you cant afford the mortgage why are you looking to buy. Your parent is getting on in years,I just think its wrong parents should have to fork out like this for their kids. I know its not everyones idea but i think whats going on with house prices is just plain wrong. One they were 2 and half times the mans working wage or salary , and yes, people lived at home or rented with friends until such time as they married. Things were much more affordable then and salary based. It should go back to that IMO.

CLAPTON

how much do you need?
if he can easily afford the entire mortgage presumably that means he has a lot of spare cash each month that he saves... how much are his saving?

why can't he simply lend you the extra you need?

Thrugelmir

Your father is 60. How will he guarantee the mortgage once he retires?