Guarantor mortgage, any advice/ experience

[Twoshoesnewshoes]

Hello
wondering about a guarantor mortgage for my son , who has two more years at Uni, anyone done this?

Unless you can afford to make the repayment yourself don't do it.

You cant really get them anymore
If you do they need a massive deposit and generally higher interest rates
Your income needs to be high enough to cover both mortgages

Why does he need to buy if at Uni? Buying for 2 years in this market is unlikely to be a sound investment and he could end up with a property in negative equity.

We looked into this when my dd was buying her first home but it was not a great idea as they would only lend over 15 years as that is how many years until my retirement age. It made it unaffordable for her. We had considerable savings and were told that the best way to help was to donate to her deposit. But that caused other problems as we did not want to gift it to her and if we 'lent' it to her it would decrease the amount that the bank would lend her. So we gave up with that possibility.

Thank you
@guessmyusername that might be an issue for us too, my DH is 17 years from official retirement age. We have gifted him a deposit as we inherited some money.

@massivenamechnage we will be paying his rent of £700 a month for the next three years, just looking to see if there’s a way that money could be invested. At the moment he says he’d like to stay in the city after uni at least for a few years. The rent we pay plus renting second bedroom out would cover his mortgage.