Hi,
My daughter and son-in-law want to buy the house they are currently renting!
Landlord is looking to sell in August.
Unfortunately they are both bad credit risks per experian.
He has CCJ and she has a default.
The house is only £130k and they are around the 10% deposit level, but won't make 15% or higher in time.
I'm not tied to a mortgage and have good credit and could cover 25 to 30% deposit.
What, if any options do we have?
Is there anyway they could get a mortgage with me as guarantor?
Could I buy it with my daughter, as a residential mortgage without living there? Is this legal.
I'm trying to avoid the buy to let option!
Thanks
My daughter and son-in-law want to buy the house they are currently renting!
Landlord is looking to sell in August.
Unfortunately they are both bad credit risks per experian.
He has CCJ and she has a default.
The house is only £130k and they are around the 10% deposit level, but won't make 15% or higher in time.
I'm not tied to a mortgage and have good credit and could cover 25 to 30% deposit.
What, if any options do we have?
Is there anyway they could get a mortgage with me as guarantor?
Could I buy it with my daughter, as a residential mortgage without living there? Is this legal.
I'm trying to avoid the buy to let option!
Thanks