Mortgage guarantor help please

Mummy2K

Hello,

This may be a waste of time but I'm hoping somebody may have a bright idea...

My husband and I have rented the same property for the last 9 years and have just been hit with the 'landlord wants to sell' news. This is the only home my son has even known and we have a lovely relationship with our neighbours who are like surrogate grandparents to him so we really would love to avoid having to move.

My mum and dad have offered to guarantor but most mainstream lenders consider them too old. They are 77 and 86 respectively.

The exact valuation hasn't come through yet but we expect it to be in the £230,000 to £250,000 mark judging by similar property prices. We have £30,000 deposit.

My husband was made redundant last year and currently is a house husband doing a small amount of part-time work as it's all he can find at the moment. I am employed full-time. Our combined wages are approx £24,000 so obviously ridiculously low for a large mortgage but as we have no debt we have done the maths and know we could meet the repayments with a lot of compromises.

Does anybody know if any lender will consider my parents on a guarantor mortgage or mortgage for children. My parents own their own home and have very generous pensions and apart from their age make the perfect guarantors. Ideally we'd love to do this ourselves and don't like to rely on them but as my mum keeps saying we really don't have any other option

Any advice would be very much appreciated, thank you.

Thrugelmir

Unfortunately lenders are required to lend responsibly and on an affordable basis. Regulatory guidance is to assess affordability at 7% interest rates. A mortgage of 8 times your current household income is therefore not realistic.