Mortgage - Equity

JimmyTheWig

toughnut wrote: »

Ah right, well there is always that possibility but what if they had a guarantor meaning me, I earn £30,000 as a factory manager I'm 28 and I live with my g/f and we are renting @ £600 a month

I believe it would have to be paid off before _any_ party plans on retiring. Or at least affordable on the wages left after any party has retired.
So if the plan is for you to guarantee the mortgage once your parents have retired the bank would need to see that you could afford the mortgage all by yourself.

amnblog

If they get some sensible advice there should be ways to do this.

toughnut

JimmyTheWig wrote: »

I believe it would have to be paid off before _any_ party plans on retiring. Or at least affordable on the wages left after any party has retired.
So if the plan is for you to guarantee the mortgage once your parents have retired the bank would need to see that you could afford the mortgage all by yourself.

I would try to be a guarantor knowing it would be paid off all within a few months, but I do realise the bank would have to see it from all angles

amnblog wrote: »

If they get some sensible advice there should be ways to do this.

I believe they are going to make some phone calls and try and set up an appointment, I do feel like it could be done even if they decided to sell the house for £20,000 less than it's worth to almost guarantee a sell but as we know nothing is ever guaranteed