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Guarantor morgage problems, advice needed

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  • Guarantor morgage problems, advice needed

    hello

    heres the story

    2 years ago the mrs and I bought our first flat together with my dad going as guarantor. unfortunately back in april my father became a victim to cancer and passed away, now i havent notified my morgage lender of this as im not sure what action they might take. we still cant go alone for a morgage as we dont earn enough money to prove that we can pay it even tho we do comfortly...

    now the other problem is that we now want to move to a house, we had our flat valued recently and came back at £145,000, our current morgage is 117,000 and we are looking to buy a house for around £135,000 which means the morgage will just be switched to the new property as we dont need to borrow any higher amount, in fact if any thing we would have cash left over to pay more of the morgage off.

    what i want to know is will it just be the case that they will switch it to the new property with no questions asked or will they go into detail

    thankyou

  • #2
    any advice guys ???

    Comment


    • #3
      you should call your lender and ask them. The best advice here is to just be honest with them and explain the situation. Can you still afford the payments?

      Comment


      • #4
        They will more than likely go into detail. I had a guarantor mortgage with mum named as my guarantor. She took out life insurance which would help cover me if anything happened to her. Did your dad have life insurance?

        I would advise speaking to a mortgage specialist or solicitor about your situation.

        Comment


        • #5
          Agreed. A good mortgage broker should be able to offer advice.

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