Parents Guaranteeing Mortgage

[xb_deai]

Hi tried search for this topic but could not find it please help if you can.

I have been on the list for affordable housing for 24 months now and live in small town on shortlist for houses since last July which are subject to serious planning breech and may never be finished.
I have seen a house for 299,000 in next town I like and want to buy (not affordable) I have been provisionally approved for mortgage for 220000 on my own but if my father went guarantor on the mortgage would I be able to make up the difference. I can not wait forever for affordable housing and only 2 of these houses for 299000 left. Any advice or experience or reccomended leanders would help me. Staying with parents no longer an option.

 

[Deb___]

If you agree to rent out a room perhaps they would increase the mortgage offer? In any case renting out a room would I'm sure help enormously with the repayments anyway. That's a big mortgage on your own. If you would be okay with having a tenant live-in and if you do a bit of research (check room lettings in your local paper / supermarket notice boards etc) and it seems likely you'd get a tenant then perhaps present this option to your lender.

Good luck!

 

[Hells_Belle]

The extra 70K in mortgage could add about €400 per month to your already not-small mortgage on the €220K mortgage. That's a big mortgage.

Is there an option to buy a flat that's more in your price range? If the real issue is getting out of the parents home, then that seems to make more sense.

 

[Satanta]

I have been on the list for affordable housing for 24 months now.....

I have seen a house for 299,000 in next town I like and want to buy (not affordable)

Have you investigated the option of Shared Ownership?

I'm not at all familiar with the finer details/rules of the scheme, I'm assuming that the "affordable housing" list is suitable to the rule requiring an applicant to be "registered on a housing waiting list with a local authority"? I've very much open to correction on that but felt it worth mentioning on the off chance it was of benefit.

 

[xb_deai]

I can keep up the repayments currently saving and paying parents more each month. Apartments in my area are similar cost but this house is not subject to a managment company service charge which i would have in in any apartment. Refuse to rent as best rent I could get would be close to 1000 anyway so would be unable to save significant amount to purchase in future. Im due a jump in pay in July and my stated income is lower than actual as I get bonuses during the year but can not use them as income as they are not guarenteed.