We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Guarantor 'v' Mortgage Application Help
Options

glp
Posts: 48 Forumite
Hi, My husband and I are wanting to apply for a re-mortgage early next year to change from an interest only to a repayment mortgage which will double our monthly payments to be able to pay off the mortgage before we retire in 12 years
.
Today his daughter has asked him to be a guarantor for rental purposes to help her, her new son and boyfriend to get a place of their own (they are currently living with her mother but need to get out)
I am worried sick about the implications this may have for us.
1 - Will this be taken in to account for our mortgage application
2 - If his earnings are not enough to cover the debt will they come to me to cover it being his wife
3 - Is there a way of being a guarantor for a shorter period of time rather than 6months ect to just help them get their own place initially?
4 - Will there be any kind of 'debt' related to our house if this goes ahead.
Thank you.
.
Today his daughter has asked him to be a guarantor for rental purposes to help her, her new son and boyfriend to get a place of their own (they are currently living with her mother but need to get out)
I am worried sick about the implications this may have for us.
1 - Will this be taken in to account for our mortgage application
2 - If his earnings are not enough to cover the debt will they come to me to cover it being his wife
3 - Is there a way of being a guarantor for a shorter period of time rather than 6months ect to just help them get their own place initially?
4 - Will there be any kind of 'debt' related to our house if this goes ahead.
Thank you.
0
Comments
-
Hi, My husband and I are wanting to apply for a re-mortgage early next year to change from an interest only to a repayment mortgage which will double our monthly payments to be able to pay off the mortgage before we retire in 12 years
.
Today his daughter has asked him to be a guarantor for rental purposes to help her, her new son and boyfriend to get a place of their own (they are currently living with her mother but need to get out)
I am worried sick about the implications this may have for us.
1 - Will this be taken in to account for our mortgage application
2 - If his earnings are not enough to cover the debt will they come to me to cover it being his wife
3 - Is there a way of being a guarantor for a shorter period of time rather than 6months ect to just help them get their own place initially?
4 - Will there be any kind of 'debt' related to our house if this goes ahead.
Thank you.
1. Yes - It affects affordability
2. No
3. No - He will be guarantor for the duration of the tenancy
4. No - It is an unsecured loan
However there is no need to change to a repayment mortgage, just start saving the extra payment you would have made to build up a lump sum to pay off the mortgage at the end of the term of the loan0 -
Than you very much for your reply and help.0
-
....
....
3 - Is there a way of being a guarantor for a shorter period of time rather than 6months ect to just help them get their own place initially?4 - Will there be any kind of 'debt' related to our house if this goes ahead.
.
If the landlord/agent have worries about daughter being able to pay reliably/in full that probably tells you all you need to know.
Cheers!0 -
Thank you for your reply. . The daughter isn't working and baby of only 3 weeks old.
This is confirming what I am very concerned about.0 -
Why do you need to remortgage?
Can you not just overpay on your current mortgage? Double up your repayments and then you have a repayment mortgage without having to apply.I am a Mortgage AdviserYou 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.0 -
Am I right in thinking you can over pay on an interest only mortgage then? Would this be monthly or a yearly payment? We are with the mortgage works and it was the only method we could do to enable to move to where we are now.
Thanks everyone for your replies, this is very helpful.0 -
-
The mortgage works is a BTL lender?
I would be careful about making regular overpayments.
If they realise you are living in the property they may call in the loan.I am a Mortgage AdviserYou 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.0 -
Thank you for your reply. . The daughter isn't working and baby of only 3 weeks old.
..
Is she on the local council (or councils if she has local connections..) housing register/waiting list for council/Housing association property.
How is child's father helping in all this?? Does he work??0 -
I must mention that my husbands daughter is only 18 so she has little or no history of banking and no history of being a tenant, hence him being asked to be a guarantor for her.
As regards the properties, we couldn't sell our original house, so to be able to move, we got both mortgages from the tmw. Original house is rented out but will be put up for sale in the new year and that mortgage will be paid off once sold.
The original idea is that lump sum will be paid off our home when first property sold, and move it to a repayment mortgage to pay the rest off.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards