Re: Existing mortgage on the guarantor's property
Posted: Tue May 28, 2019 1:59 pm
Hello Ibrahim. Welcome to the forums.
It’s great that your dad is willing to be the guarantor, you can borrow up to 105% of the property value with a guarantor home loan. An existing mortgage on the guarantor’s property is acceptable to some of our lenders as long as your dad (guarantor) has sufficient equity in their property.
The total debt secured on their property must not exceed 75% - 80% of the property value. The total debt includes their current mortgage as well as the new limited guarantee.
You can use our guarantor loan calculator to work out the size of the limited guarantee and also identify any potential issues getting approved with some lenders.
We specialise in guarantor home loans.
Speak with one of our specialist mortgage brokers by giving us a call on 1300 889 743 or by filling in our free assessment form to find out if you qualify for a 105% guarantor home loan.
Cheers,
It’s great that your dad is willing to be the guarantor, you can borrow up to 105% of the property value with a guarantor home loan. An existing mortgage on the guarantor’s property is acceptable to some of our lenders as long as your dad (guarantor) has sufficient equity in their property.
The total debt secured on their property must not exceed 75% - 80% of the property value. The total debt includes their current mortgage as well as the new limited guarantee.
You can use our guarantor loan calculator to work out the size of the limited guarantee and also identify any potential issues getting approved with some lenders.
We specialise in guarantor home loans.
Speak with one of our specialist mortgage brokers by giving us a call on 1300 889 743 or by filling in our free assessment form to find out if you qualify for a 105% guarantor home loan.
Cheers,