Tuesday, August 24, 2010

I would like to contribute towards a mortgage without my name showing up for a while?

I rent a council property and in the fullness of time will relinguish it for the fee which is available. This fee is contributed towards a mortgage as long as you don't have one.


But time is not on my side and I can afford to help my boyfriend get a mortgage this year thus making the payments smaller over a longer period. Can anyone help with this question?I would like to contribute towards a mortgage without my name showing up for a while?
The problem you are going to have is that your boyfriend probably will not get approval for the loan unless he can actually afford it. Of course there are ways around these problems....





If you are in Australia you can be a serviceability guarantor on his mortgage without actually owning the property or being a borrower. You'd better check with council to see if guaranteeing someone else's loan is ok first!





There is a page about security guarantors which may be of use to you because it explains loan features available with guarantor loans http://www.transportablehomefinance.com.鈥?/a> . The main difference for serviceability guarantor loans are that you cannot borrow over 80% of the property value (unless you also have a security guarantor).I would like to contribute towards a mortgage without my name showing up for a while?
Use a money order.
stand as a guarantor on his loan.

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