Elderly Guarantor

Posted on 16 March 2011 by Jo Mobsby


Do you know of any mortgage lenders that don't have an age limit when it comes to a guarantor? I dont earn enough and my father is 64?

Jo,

There is a Lender who will consider your Father as a guarantor, but only if you can afford at least 70% of the mortgage debt on your own and you apply before he reaches the age of 66. He would be required to guarantee up to 30% of the debt plus another 10% should you default on your mortgage payments.

The remaining Lenders all have a maximum age of between 70 and 75 at the end of the mortgage term. This will mean that you will have a very short mortgage term and this could push the repayments above the level of affordability.

I believe you would benefit from speaking to one of our independent mortgage advisers. Please call on 0344 346 3672 and tell the consultant the date and title of your question.

Peter

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