Mum

Margaret_hamilton

Can anyone help. My son has a mortgage and he hasn’t missed a payment. He would now like to move to a larger house as he has two children however he has a terrible credit rating
I am willing to be a guarantor for my son and daughter in law however would he be able to get a higher mortgage. His salary is very good but due to previous debts, which he is trying to get rid of, he doesn’t think he would be able to get a mortgage
I would really appreciate any advice

sal_III

The devil is in the details (your son's credit record). Without knowing the full facts no one here will be able to give you an answer.

Mortgages with poor credit record are possible, albeit at worse rates, reflecting the higher risk.

Your/His best bet is to speak to a mortgage broker supplying all the relevant details and hear their professional opinion.

foxy-stoat

I would just him to speak to a broker to run the numbers. If he hasn't defaulted on previous debts and has just built up a lot of personal debt then his whole finances needs looking at. They maybe options for him, but one of them shouldnt end up you guaranteeing his mortgage.

DCFC79

It might be possible but as advised he needs to speak to a broker.


His credit rating isn't taken into account fo loans, mortgage etc, his history is what they will see.

gj373

Why would you be a guarantor for someone with a bad credit history??

davidmcn

If this merely a "like to move" rather than "has to move" then it may be better for him to accept that he can't currently afford to, rather than take on yet more debt and drag you into the process.

Margaret_hamilton

Many thanks to everyone for their advice. I will suggest he speaks to a mortgage broker. He’s my son and I was trying to help. He has private debts however he has never defaulted on his mortgage. He doesn’t have to move but the area he stays in is deteriorating and if possible he would like to move
Thankyou for taking the time to reply