Parents as Guarantors

Mrs_pbradley936

They can get a mortage on their place and loan you the money (that is what we did) they will get a better rate due to the loan to value ratio. Then they are your lender ask solicitor if feasible in your circumstance. Also helps with IHT.

herbiesjp

skipgimp wrote:

Sorry - I put my income down wrong. I get 22K with 2K bonus.

So it's possible to get a mortgage (like Ice Queen 112's) in my name but based on my parents income, as long as I can make the payments?

Is there anyway of getting a mortgage based on the cost of my parents house as some sort of guarante?

Guarantor mortgage = based on your income and higher earning parent

Mortgage has to have the house you are buying as security (the lender will have a first charge on the property) - so no, your parents cannot use that as security for your purchase.

As I said previously, they can raise a mortgage themselves on their property i.e. £50k and give that to you as a deposit for your property, you would then need to find a mortgage for the difference

HTH

jennifernil

We are guarantors on our daughter's mortgage with Halifax as she is a student with no income. The amount she could borrow was calculated on our income, we also paid a substantial deposit to get a good interest rate. We actually pay the mortgage, but it is cheaper than paying to rent a flat or room.
Now that her 3 year deal is coming to an end we have remortgaged our house at a very good rate with Nationwide and will use most of that to repay her mortgage very soon.
We were also guarantors for our son when he bought his first house in 1993 but he made the repayments as he was earning.
A guarantor mortgage usually takes a little longer to arrange than an ordinary one.

Seesaw_2

bump for andy