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Original poster

Questions about mortgage guarantor - please help!

6 replies

OtherwiseKnownAsSheilaTheGreat · 02/12/2011 09:14

My H left me for someone else on Monday, was out of the blue. Anyway, getting lots of support for emotional side on relationships forum, but trying to think practically. I earn £15000 ish gross a year. Could I get a bigger mortgage if one of my parents acted as guarantor? They are divorced, but each has quite substation pension. And could I get a mortgage over 30 years? I'm 32 years old and a nurse. DS's are 1 and 3 years. Thanks for any help.

OP posts:
Original poster
OtherwiseKnownAsSheilaTheGreat · 02/12/2011 09:16

Ps have about £40000 equity in house, but don't think I can afford mortgage which is £850 a month. Was thinking of buying house for 150,000-170000.

OP posts:
Original poster
OtherwiseKnownAsSheilaTheGreat · 02/12/2011 09:26

My mum is 67 and dad is 62 if that is important.

OP posts:
wannabestressfree · 02/12/2011 09:29

I have read your other thread and remember you can get lots of help tax credit and working tax credit wise. It may be more than you think. And your ex will have to help too.

RedHelenB · 02/12/2011 13:06

If your parents act as guarantor it has to cover the full amount of the mortgage so maybe not.

vj32 · 02/12/2011 20:03

I don't think they would take someone who is not employed as a guarantor, and I think they are also too old - as you can usually only get a mortgage until your retirement age. I would get an appointment to see the bank that has your current mortgage ASAP as they might be more generous.

RedHelenB · 03/12/2011 08:33

My Grandma guaranteed our mortgage when she was retired but she had a private pension to cover it & me & ex were both teaching, the problem was that my job wasn't permanent,

If you get maintenance & with child benefit etc it should take you to nearer 20,000 which would allow a 60,000 ish mortgage + 40,00 equity so 100,000 house. Plus I take it that on 15,000 you are not working full time?

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