relatives home as security

J

JAMESBROWN

Guest
Hi all,
can anyone tell me what is involved in using a relatives home as security for my first home?
i am single ,in a contract position earning decent enough money but i dont want to take a permanent job at the moment so i am not an ideal candidate for the banks today!
if my parents go as guarantor , do they have to hand over their deeds to the bank?
also , if their home is used as security , will the banks go easier on me as a contractor and be happier as they have a fully paid off semi d on the southside of dublin as security?
thanks , jamie
 
Having a family home as security is not a very attractive item of security in support of a guarantee. in my view it would not add much to your application
 
I am in the same situation, ie contractor on good rate but not attractive to banks. There is no way I would ever contemplate asking anyone to risk their home to secure mine. The risk is far too great... and the banks aren't touching me for that reason. IMO if the banks won't take that risk... I ain't asking someone else to.

Just my 2 cents.
 
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