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£100k negative equity, can I remove my parents as guarantors?

Posted on 19 March 2013 by Sean


I have a mortgage which is in about £100k of negative equity, my parents are guarantors for me. Is there any advice on how to remove them from the mortgage? If I was to sell the property can I negotiate with the banks on the remaining shortfall? Or would I be able to then remove my parents as guarantors?

Thanks for your time, Sean

Sean,

This is a particualrly difficult situation and I'm afraid you'd need to speak to a solicitor in respect of this. Once you have ascertained your legal position, then you can approach your lender.  

If you don't have one, then please let me know and I can put one in touch with you.

Regards,

Simon

simon.collins@johncharcol.co.uk

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