Guarantor options for 2nd home owners

Discussion in 'Loans & Mortgage Brokers' started by Martinez22, 16th Jan, 2018.

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  1. Martinez22

    Martinez22 Well-Known Member

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    Are there any lenders who allow for the guarantor option to be used if they have already bought a home before?

    Scenario: husband purchased a home and used the grant, the property is now an investment. Husband is now married to wife (non home owner) and they want to buy a new home together to live in as they are currently renting.

    They'd borrow at 80% with the rest being funded by the parent's equity (potential guarantors)
     
  2. Corey Batt

    Corey Batt Well-Known Member

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    Definitely - there's quite a few lenders who will work with this scenario. Pending serviceability etc you can potentially borrow 105% of the purchase price to allow the full deposit and government charges to be covered.

    Not all lenders are created equal in terms of guarantor policy, so check with a good broker who has experience in guarantor loans to get the best solution.
     
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  3. Colin Rice

    Colin Rice Mortgage Broker Business Member

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    Several options in this space but as @Corey Batt mentioned not all guarantor conditions are equal. A limited guarantee is what you want.
     
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  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    The only Specific exclusion I can think of is the "draagen"

    ta
    rolf