can my parents guarentor my mortgage as we have bad credit?
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we need to borrow 50000 for our mortgage but due to bad credit we would be a fortune, could my parents guarentor the mortgage for us. any replies would be fantastic, thanks.
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It depends on if the bank will structure it that way, most the time on a residental mortgage they would be able to be a joint applicant.
You mean “guarantee”.
Only if you all bought the property,not just you.
Edit: Cath…no I mean “guarantee”. If his parents did that they would be “guarantors”. Guarantor is not a verb.
i think they could, but im not 100% sure. Also, would they want to ? You have a poor credit history and if you fall behind again your parents will be liable.
EDIT – GREAT SCOTT he is correct in saying guarantor – its someone who takes responsibility for a loan if the original borrowers can no longer pay.
Of course. That is called having a co-signer. $50,000 is chump change for a mortgage so you should not have too much of a problem.
That is up to the lender. They would be “cosigning.”
If your parents have assets and good credit they could co-sign for your mortgage. That is asking a lot of them because if you fail to pay on time or fall behind, they would be responsible for the full amount, and if they failed to pay, then their credit would suffer.
The bank may accept them as a cosigner. However, if you default they will be responsible for the debt and their credit will be hurt badly. Also, many lenders consider the debt to be part of the cosigners debt which can make if very difficult for the cosigner to get a loan in the future since the cosigners debt ratio may be too high.
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