Son in Law Refused Mortgage

steve1500

Our Son in Law has been offered a 95k mortgage because of poor credit rating. They are looking for 150k.According to their Financial Advisor with a perfect rating his salary would have allowed him to get a 200k mortgage. Our daughter has a perfect credit rating but does not work. We would like to help out but not sure if we can. We know that they would be able to pay back the 150k mortgage. We are mortgage free, but only have a limited income because now retired.

Any advice greatly received

Thanks

themull1

what are they doing at the moment? renting? what help would you give? you dont want to leave yourselves short in your retirement, why does your daughter not work?

dollydiva

themull1 wrote: »

what are they doing at the moment? renting? what help would you give? you dont want to leave yourselves short in your retirement, why does your daughter not work?

Maybe they have kids? Maybe she doesn't want to...? Is that so awful?:p

Thrugelmir

Then they need to readjust their sights as to the first property they purchase.

At least by obtaining a mortgage and maintaining their personal finances in a proper manner. Your SIL's credit rating will improve.

Without the full facts as to your SIL's poor credit rating difficult to pass comment. Other than options will be extremely limited. Even then costly.

themull1

dollydiva wrote: »

Maybe they have kids? Maybe she doesn't want to...? Is that so awful?:p

i was asking a simple question - back off.

steve1500

They are able to put down 50k deposit. Reason for not not working 3 year old. We have 350k+ equity in our house

Thrugelmir

steve1500 wrote: »

They are able to put down 50k deposit. Reason for not not working 3 year old. We have 350k+ equity in our house

The fundamental issue is your SIL's previous financial history which may even be current. As it appears to restrict the amount the lender will advance.

InMyDreams

dollydiva wrote: »

I was actually defending you in reply to the previous posters questions regarding why your daughterl doesn't work

Careful, I think you are replying to the wrong poster..... It was themull1 who asked you to back off for implying the reasons he asked his question was to be judgemental, not steve1500 who you I think you are trying to defend. steve1500 has not 'shot himself in the foot' and has not been aggressive to you.

edited to add:

dollydiva wrote: »

I've obviously hit a raw nerve, which NOW makes me think that perhaps your diaughters decision not to work is a source of some annoyance to you....

which now makes ME think that perhaps you expected YOUR question to touch the nerve. I think there was nothing wrong with themull1's question and there was no judgement implied until you suggested there was.

dollydiva

Whatever....