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Guarantor mortgage
100339276
Posts: 3
Newbie
I realise this is a bit niche, but all advice will be welcomed.
Youngest daughter, early 30s has saved £125,000 deposit (including LISA bonus). She works on short term contracts - 4 weeks minimum, 9 months maximum, so she can't get a regular mortgage.
She wants to buy or build, spending £175,000. Taking into account fees she needs a mortgage of about £55,000
I'm 71 with income of only £18,000 but I have considerable savings and a mortgage free house. The building societies won't take me as a guarantor because my income is insufficient. They won't accept the house or part of my savings as security, and, in any case, I'm too old.
I could lend her the money but then she'd lose the LISA bonus.
Any thoughts?
Youngest daughter, early 30s has saved £125,000 deposit (including LISA bonus). She works on short term contracts - 4 weeks minimum, 9 months maximum, so she can't get a regular mortgage.
She wants to buy or build, spending £175,000. Taking into account fees she needs a mortgage of about £55,000
I'm 71 with income of only £18,000 but I have considerable savings and a mortgage free house. The building societies won't take me as a guarantor because my income is insufficient. They won't accept the house or part of my savings as security, and, in any case, I'm too old.
I could lend her the money but then she'd lose the LISA bonus.
Any thoughts?
0
Comments
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Has your daughter spoken to a good broker? (not one of the large 'free' internet brokers)?She may not have a single contract longer than 9 months, but if she can show a pattern, over a few years, of a consistent flow of these contracts there might be something a broker could do to help perhaps...0
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Thank you. Yes she has tried a very well known broker, but her earnings, while they are good, are inconsistent.0
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Could she take the largest mortgage she could get and you gift her the remainder?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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That's a good thought. Maybe her next move is to look very carefully at the terms of the LISA and work out what the boundaries are. Thank you0
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