Mortgage advice, guarantor?

[Confusion77]

I'm looking for some advice about taking the current mortgage (joint with stbxh) on in my own name . The bank will let me take the mortgage on as it stands, but I just scrape through with enough to cover the existing loan. With no extra to buy stbx out.

My parents have offered to help however they can. They own their property outright. But are retired. I'm wondering if, with a high street bank, they would somehow be able to guarantee or be added to my mortgage to enable me to take out enough to buy stbx out. It's not much, I think a maximum of £25,000. But it's £25,000 I don't have.

I don't even know if this sort of thing happens, but am desperate to keep mine and my children's home.

I know the post office do a Family Link mortgage but can’t remember if it’s for first time buyers only

Would you be willing to share ownership with one of them? They would be as libel for the mortgage payments as you are, but if they are serious about helping it may be a route. Otherwise can they (or you but presumably you've explored this) get a £25k unsecured loan? Last scenario they get a £25 k loan secured against their home and give you the money (informally it can be a loan.but legally / in the eyes of the mortgage company they would have to give it to you)

Yes, I'd be happy to add them to the mortgage. They are retired though so no income as such. Not sure if that makes a difference. They won't want to do the loan.

Oh and thank you. I'm finding this all really stressful.

I bought my flat using my dad as a guarantor. I had to get a 7 year mortgage as the guarantor had to be under 75 when the mortgage ends and he had to prove he had enough income from his pension to cover all of his expenses and my mortgage repayments. When I remortgaged after 2 years I took my dad off the mortgage and extended the term to lower the repayments. Hope that helps

Thank you, they won't be under 75, but have a mortgage free home, I hope that goes in our favour!!

Wouldn't a 7 yr mortgage cost an absolute fortune?? There's no way I could afford the payments

Could it be more manageable if all or part of the mortgage were interest only?

It was just manageable for me but I had 20% deposit and it was in a cheaper area in scotland so not talking crazy london prices or anything. Good luck. I used a mortgage advisor, they were doing a free/very cheap offer, maybe worth a look.

@Tooyoungforthisshit thanks. I've spoken to the mortgage advisor at the bank a couple of months ago, as we already have a mortgage with them, it's just a matter of taking him off, no deposit required. There's equity in the house. It's not a massive mortgage but I only work part time due to small children.

I'm going to make an appointment asap.