I am a student and can’t secure my own finance as banks basically want nothing to do with me.
There have been offers to get my parent/s to act as a guarantor for the loan, and thus the loan would be secured by them (effectively their property I take it).
Would this be a road worth looking at? People tell me there are better ways to secure a loan that don’t put so much pressure on the old folks… Is this true or is the guarantor option the only way?
Cheers,
Jacob.‘Stay Happy and you’ll be Perfectly Fine’ – Jack
Hi Jacob
This form of borrowing is now quiet standard lending and was introduced by lenders to attract a new sector of the market who were previously unable to borrow.
For many young people these days with prices at the level they are this is the only form of borrowing that will neable them to get their foot on the property ladder.
Remember the guarantee is not for the life of the loan as you can request the lender release the guarantee once you are in a position to support the loan in your own right.
Cheers Richard
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http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Hey Richard,
Thanks for clearing that one up.
Cheers,
Jacob.‘Stay Happy and you’ll be Perfectly Fine’ – Jack
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