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Old 25-11-2016, 01:10 PM   #1
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Question about remaining guarantor on mortgage

I know there are some people on here who specialise in related matters, so looking for a bit of a guide please....

About 12 years ago I became a guarantor on my daughter's 30 year mortgage (Bank of Ireland). At the time I was with her mum and on a very good salary.

I have now remarried and recently retired so my income is quite a lot less plus my capital is pretty low

Do I have to remain a guarantor for the life of the mortgage? I do not think for one moment that there will ever be an issue with her repaying, but would rather not continue as a guarantor. Not least because I want to ensure my new wife does not get affected.

Not asked the bank yet as of course, I don't want to highlight something that may cause my daughter a problem. She is not in a position to re-mortgage.

Hope that makes sense! Thanks
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Old 25-11-2016, 01:17 PM   #2
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If your daughter has been paying the mortgage on time and isn't in arrears then there really shouldn't be an issue with you coming off as she has demonstrated that she is able to pay.

She may need to re-mortgage but with rates as low as they are going to get then it might not be a bad time anyway - depending upon the deal she got 12 years ago.

If she does need to re-mortgage and you need help them pm me and I'll put you in touch with the mortgage broker we send our clients to as he is ace and gets some really difficult cases done.
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Old 25-11-2016, 01:26 PM   #3
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Originally Posted by CRBXF View Post
If your daughter has been paying the mortgage on time and isn't in arrears then there really shouldn't be an issue with you coming off as she has demonstrated that she is able to pay.

She may need to re-mortgage but with rates as low as they are going to get then it might not be a bad time anyway - depending upon the deal she got 12 years ago.

If she does need to re-mortgage and you need help them pm me and I'll put you in touch with the mortgage broker we send our clients to as he is ace and gets some really difficult cases done.
Thanks for the reply. Can't PM you as you need 30 posts
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Old 25-11-2016, 01:46 PM   #4
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Ive done a similar thing in the past and the problem I came across was the bank would be reducing their security and may well seek to increase the rates. At present if she doesnt pay they will look to you. If as you point out she cannot re-mortgage, then why would the bank increase their exposure?

Sorry if it sounds gloomy :-(
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Old 25-11-2016, 01:47 PM   #5
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Ive done a similar thing in the past and the problem I came across was the bank would be reducing their security and may well seek to increase the rates. At present if she doesnt pay they will look to you. If as you point out she cannot re-mortgage, then why would the bank increase their exposure?

Sorry if it sounds gloomy :-(
Not at all - it is what I suspected anyway
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Old 25-11-2016, 01:57 PM   #6
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Thisvvv even if she has never missed a payment the bank would look on it as beneficial to chase 2 people for payments rather than 1, thus minimizing there risk...i think the re-mortgage route would be the best option IF the primary mortgage payer is in agreement with this...as above rates are low at the moment

However if she is definitely not in a position to re-mortgage, I also know a good finance guy, Cheshire based but i think would travel Lancs no problem to discuss...PM me if you need details.

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Originally Posted by Alfie View Post
Ive done a similar thing in the past and the problem I came across was the bank would be reducing their security and may well seek to increase the rates. At present if she doesnt pay they will look to you. If as you point out she cannot re-mortgage, then why would the bank increase their exposure?

Sorry if it sounds gloomy :-(

Last edited by DSB SL AMG; 25-11-2016 at 02:11 PM.
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Old 25-11-2016, 02:35 PM   #7
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Thanks for the reply. Can't PM you as you need 30 posts


Drop me an email to my work email crb@mck.co.uk and I'll pass on the details of the mortgage broker


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