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Guarantor Mortgage - Parent lives abroad??
laura325630
Posts: 20 Forumite
I just phoned C and G and asked if this causes a problem and they said yes.
My parents are UK citizens, have UK passports etc. Is there any way around it?
My parents are UK citizens, have UK passports etc. Is there any way around it?
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Comments
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Do they have UK bank accounts and/or a point of contact address (like another relative's)?Mortgage | £145,000Unsecured Debt | [strike]£7,000[/strike] £0 Lodgers | |0
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Hi, yes. They have UK bank accounts, they still own a property in the UK and their sisters/brothers still live here.0
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The issue is that there are not ordinarily UK resident. So trying to enforce any debt recovery, in the eventuality you default, is a costly exercise for the bank.
Are your parents retired?0 -
No their aren't retired and have great jobs in the States.0
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The other option is to use my partners parents. His Dad is now retired through voluntary redundancy. He is 68 years old and will have a healthy pension plan. I dismissed using him because of his age.0
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laura325630 wrote: »No their aren't retired and have great jobs in the States.
Their current jobs aren't of great interest to an underwriter. Being in the USA is.0 -
laura325630 wrote: »The other option is to use my partners parents. His Dad is now retired through voluntary redundancy. He is 68 years old and will have a healthy pension plan. I dismissed using him because of his age.
Have you asked him if he'll underwrite your mortgage?0
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