Hi all
I have a dilemma:
Ive been asked by an older relative to be a co-applicant for a mortgage on a property abroad. He is 61 and can only get a 9 year mortgage from this foreign bank due to their country's law. If I come on board with him (Im 26) he can then get a 25 year mortgage, thus reducing his monthly payments substantially. He plans to sell the property on for a profit in 5 years time.
My question is will I lose my FTB status if I become a co-applicant? He maintains I will not be lose it, nor will I be liable for the mortgage in the event of his death as I will not be a co-owner, merely a co-applicant.
Is he right? I dont want to endanger my FTB status. Please advise.
Many thanks.