Guarantor 100% ltv product?

mightyjack

Can anyone recommend a mortgage product for a 100% ltv using mother in laws mortgage free property as security please?

ACG

These are quite specialist products. I only know of 2 lenders off the top of head (out of the 80 or so we deal with). It might be worth speaking to a broker so they can do some research on it.

mightyjack

https://forums.moneysavingexpert.com/discussion/comment/81893118#Comment_81893118

can you remember their names? help a guy out :(

ACG

I am not sure if we are allowed to name lenders being brokers. It could be deemed as leading in which case we could be liable for the "advice" one of the joys of working in a regulated industry.

Trust me when I say that you will value an experienced broker. It wont be like applying for a high street mortgage. You will likely need notes, someone to package (butter up) the application and just give it the once over that it does stack up and is likely to be accepted as its not just a case of fitting criteria. It is ultimately a 100% mortgage and building societies are not in the habit of wanting to repossess from a pensioner or someone coming close to pension age. They are likely to look firmly into your application.

Im not trying to make our job sound like rocket science, it isnt. But once you go off the high street there is a big difference add in that it is 100% LTV and secured against an older persons home… They are going to be thorough.

Just to add, I am not saying this to try and win your business. This is not a case I would take on, im not saying there is anything wrong with it as I would do it for my daughter no problem. But I dont really want this type of mortgage on my insurance as there are people out there who will think "easy come, easy go" if things do not go to plan even if it is their mum or dads home on the line.

Brie

Is MiL buying the property? If not how can you use it to buy one for yourself? If it's simply as a guarantor then I would agree that a mortgage adviser is going to be your only way forward as this is a very special type of purchase. At the very minimum MiL will need to be able to confirm she is happy with the purchase so her being mentally competent will be a key issue.

poseidon1

I suspect even if a broker could find a lender prepared to consider these extreme circumstances, any lawyer representing the MIL would advise her in very strong terms not to potentially jeopardise her own home given the past and current IVA situation for the OP' s family.

Indeed any solicitor concerned about their PI cover, may well decline to act in the matter, even if MIL insisted she was aware of all the risks and pitfalls she would be facing in this scenario.