Hi there,
When i applied for my first mortgage it was recommended that my Dad go as Guarentor on it for the first five years. I remember this conversation with the lending agent very clearly. My father agreed. I had to fill out my application and then my father had to go to see the lending agent to fill out some forms also. I wasnt present at that meeting. Anyway everything went ahead and I signed for my mortgage with my solicitor a couple of months later.
Recently in a number of conversations with my lenders I have been told that my father is in fact co borrower and not a guarentor, I have argued this point with the bank a few times now and they are adamant that he is a co borrower.
This has me very concerned as I may be soon facing redundancy, I have a redundancy policy on my mortgage in only my name which I was advised by my lender to take out. If it turns out my father is co borrower will i be able to claim off the policy i have been paying huge amounts into for the past two and a half years??
Surely if my father was a co borrower he would have had to be present when I signed for my mortgage at the solicitors?
My bank are not helping me with this at all as they are adamant he is a co borrower...Do I contact my solicitor? How do I find out for sure what the true situation is? I am very worried about this as I don't want my father to be liable for any arrears I may have and also I want to own the house I am struggling to pay for, not that my father would ever try to take the house away but if he is co borrower then he is legally entitled to half????
Any advice would be much appreciated.
When i applied for my first mortgage it was recommended that my Dad go as Guarentor on it for the first five years. I remember this conversation with the lending agent very clearly. My father agreed. I had to fill out my application and then my father had to go to see the lending agent to fill out some forms also. I wasnt present at that meeting. Anyway everything went ahead and I signed for my mortgage with my solicitor a couple of months later.
Recently in a number of conversations with my lenders I have been told that my father is in fact co borrower and not a guarentor, I have argued this point with the bank a few times now and they are adamant that he is a co borrower.
This has me very concerned as I may be soon facing redundancy, I have a redundancy policy on my mortgage in only my name which I was advised by my lender to take out. If it turns out my father is co borrower will i be able to claim off the policy i have been paying huge amounts into for the past two and a half years??
Surely if my father was a co borrower he would have had to be present when I signed for my mortgage at the solicitors?
My bank are not helping me with this at all as they are adamant he is a co borrower...Do I contact my solicitor? How do I find out for sure what the true situation is? I am very worried about this as I don't want my father to be liable for any arrears I may have and also I want to own the house I am struggling to pay for, not that my father would ever try to take the house away but if he is co borrower then he is legally entitled to half????
Any advice would be much appreciated.