FTB

zanub

Registered User
Messages
27
Can someone answer this question for me please: I'm thinking of buying a house - mortgage would be in region of €60- 70k. My parents have offered to go guarantor as financially they're secure etc etc but from a quick google banks don't accept this anymore. Is this true. I haven't made any official enquiries yet as it's very early days yet. TBH I don't I'd ever get approval for a mortgage. I've a permanent full time job but would not be on big salary. My partner is the same. We pay rent of €100 every week but it's a cash basis so have no proven record of renting :-( I've some savings but not major. We've been covering this rent with 3 years. Due to certain reasons I'd probably be applying singly but due to small salary I'd say they'd only laugh at me.
 
Yes you are correct. guarantees have virtually been eliminated in such a scenario! If you have repayment capacity you won't need a guarantee. If you don't have repayment capacity you should reduce the amount required. Generally these type of guarantees are a bad idea as they usually become problematic if called upon. I always dissuade people from signing a guarantee except for small educational loans or company/shareholder situations.
 
what would your advise be then? I've a permanent job. My other half works but it isn't regular but we have had never any problem meeting our rent with the last few years. How do I even go about applying for a mortgage - bank / broker / local authority? We don't want to spend the rest of our lives renting. We're not looking for a massive mortgage. I just need to break the ice here and make a few enquiries and if it's never going to happen - c'est la vie! at least I can say we tried...
 
Back
Top