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  1. #31
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    Not for mine.

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    Can you put some kind of Caveat on the house if you a guarantor? One that says you will be paid back any money you have had to spend if she defaults; money you will get back if the bank were to sell it?

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    No, most definitely not for my siblings.

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    In your situation, yes, because I assume you like your sister.

    In mine, no. I hate my brother, as immature as it sounds, I would be feeling awesome if we owned a house and he didn't. I wouldn't help boost him up. I like doing better than him because he's such a jerk and I like to see him struggle and fail. Sad but true.

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    I definitely wouldn't be guarantor on my siblings' loans or DP's siblings' loans. If something did go wrong e.g. they for some reason become unemployed for an extended period of time I would not want my house to be sold from under me......the bank doesn't have an order in which they sell down property.

    I could just see it creating a situation where it creates a very strained relationship if things did go bad.



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    Last edited by Night Owl; 15-07-2012 at 10:11.

  6. #36
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    Yes, provided I were in a financial position where I could deal with the loan, or pay for the house outright, if things were to go bad, and provided my partner was on board with the idea too.

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  8. #37
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    Quote Originally Posted by trishalishous View Post
    My younger sister has a large deposit saved, but is unable to get a mortgage as her government job is contract (although she has had the position for years)
    We have the option of going guarantor for her to buy an apartment, or loaning her the money, with no/little interest, ourselves.
    We trust her 100% and know that she will pay us back/service the mortgage.
    The only downside is if she were to get ill or lose her job completely (highly unlikely) and was unable to make repayments.
    Would you do this for a sibling?
    In that circumstance, yes definately. However perhaps set it up in a way that if she fails to make repayments you have the option to take them over and also take over control of the house.

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    Yep. And drop the kids around all the time

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    I wouldn't go guarantor as we couldn't afford the payments if something went wrong. It would be an awful situation if my sibling were involuntarily unemployed or sick & unable to pay, leaving us financially responsible.

    If I won loads of $$ in tatts lotto I would buy my sis a house. Unsure about my brother as he seems to have gambling issues so I wonder if buying a house or giving a large amount would be detrimental. But that's another thread.

  11. #40
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    Yes I would. I'd probably be more likely to go guarantor on a loan and ensure she had income protection insurance rather than loan the money outright.
    Or possibly purchase the house outright in my name if I had the cash, then set up a 'rent to buy' agreement on the house with her. That way if she defaults or whatever, then you can sell the house if you need to, pay her back whatever she's already paid off, and keep the rest yourself.


 

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