Parents going guarantor on mortgage

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colc1

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What is the situation on people going guarantor on a mortgage. In my situation I earn approximately 21k and my parents are around 60. MY father for arguments sake earns 100k have I any chance of getting a loan of say 300k with my father as guarantor or could I get a mortgage with him considering his age?
 
I don't know whether a 60 year old would be accepted as guarantor for a mortgage or not. But even if he was accepted there's no way you'll get a loan of 300k based on your salary of 21k (unless you can prove this salary will go up substantially really soon or there's some other variable you're not mentioning)
 
colc1 said:
Would my father get any mortgage at his age, i.e. could we buy together?
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Yes he would. If he is employed he will only have five years to pay it off though. However if he is self employed he will generally be considered up to the age of 70!!
 
Possibly. It depends on your father's occupation. If he is PAYE and due to retire at 65 the lenders really wouldn't factor much of his income in. If however he's self employed or in an occupation where people tend to work beyond retirement (medicine or law both spring to mind) then the application may be looked at more favourably. It's a case by case situation.

Sarah

www.rea.ie
 
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