Remortgage with Parents as Guarantors

runner20k

Hi

I have recently separated from my wife etc divorce going through but not complete.

I have the chance to take over the house and remortgage in my name only. My parents have offered the money to buy out my ex.

My credit rating is not good at all and i am on a debt plan for credit card debt. I have never missed a mortgage payment and can afford to take on the mortgage myself without a problem as i have been paying it on my own for 6 months now.

Currently have 26% equity in the property. so would be looking at a 74% mortgage. Property value £170k

My question is can my parents be guarantors for me. They do not work but own the house they have outright and are happy to use it as security they also have savings which they are happy to put up if required.
Does this kind of guarantor system work or do the guarantors have to be working and earning a monthly income etc.

Any advise greatly received.

kidmugsy

Good for them! But they really ought to see a solicitor first, because the risks are high. If they lose a lot of money now, they have little chance of repairing their finances by earnings from jobs, I assume.