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Trying to buy house with Guarantor.

McSheep · 2013-09-19 17:18:49

Please bear with me lol The wife and i are in the process off buying out 1st home with the help of her parents (Guarantor's). Everything was going fine, mortgage approved, searchs done etc.. etc... Estate agents told us it would fly though (been 8 weeks now). Anyways, today we have been told that the wifes parents need to…

Comments

kingstreet Posts: 39,458 Forumite

22 September 2013 at 9:11AM

I've never done one of these.

Do the others demand a first charge too?

The ones taking a charge over savings would use a first, because no-one else would have a charge over them.

Is the Aldermore Family Guarantee a first or second charge? Reading the website, it must use a second, as the case study says there's an outstanding mortgage;-

http://www.aldermore.co.uk/personal/mortgages/case-studies/family-guarantee-mortgage-case-studies/

I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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