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mortgage guarantor- advice on remortgage needed

snotflicker_2
snotflicker_2 Posts: 1 Newbie
edited 23 January 2015 at 7:41PM in Mortgages & endowments
if a guarantor mortgage is in place from the begining of the sale, then if the homeowner remortgages, is the original mortgage agreement void for the guarantor? Or still valid for the original amount, or the new amount?
(I'm asking this as my father got a mortgage for an unnamed subject and acted as a guarantor so they were able to buy there council house, since then the home has been foolishly remortgaged several times to pay for his life style, now both party's whö live a the property are terminally ill, does this mean my father is still obligated to pay the debt off?? Or just the beginning amount?

Thanks in advance

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Remortgaged suggests that they've switched lender. Does make a difference if they have or not. You'd need to read the terms of the legal agreement as to what has been underwritten.
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