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  1. #41
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    Quote Originally Posted by CountryLovin View Post
    If your sister obtains adequate income protection insurance it will ensure that she has the ability to repay you if she suffers an illness or injury and is unable to work for an extended period of time. Maybe that could be part of the agreement?
    !
    I've helped both sisters out financially in the past and ensured the above was part of the deal. I had no trust issues, but you never know when someone could lose their income suddenly.

  2. #42
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    Witwicky is offline A closed mouth gathers no foot.
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    Absolutely, I wouldn't hesitate.

  3. #43
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    I wouldn't for my my SIL or one of my brothers but in your circumstance yes with the proviso that income insurance was in place along with house and contents insurance. Also whose name would the title be in consider if it would be advantageous to your name with her on the title just in case

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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?
    Wow, if she has a huge deposit, a regular Government job and they won't give her a loan.. What hope have we got!?

    ***Sent from my phone***

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    Yes, absolutely!

  6. #46
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    If she has a 20% deposit she could apply for a low doc loan or no doc. Higher interest rates of course, but its the way around it

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    I would go guarantor for a home loan rather than lend the money yourself. But make income protection insurance and life insurance essential before hand - make sure both will cover the home loan repayments too. The advantage of going guarantor is that you just need to 'help' financially if she runs into trouble and it sounds like you don't think she will. If she borrows money from you it means if she misses a payment you need to chase her, it means that when you want to be discussing the latest movie you've both watched or holiday you have planned, you need to let her know that her last payment wasn't on time.

    The other thing is that if she takes 30 years to pay it off you don't have that hanging over your head for the whole time.

    My parents went guarantor for myself & my dh to get a house as we didn't have a deposit. We couldn't have bought otherwise and it was great. We've never missed payments and had paid off over 20% within a few years (thanks to increasing value rather than massive extra payments) and so once we'd done that the bank was happy to remove my parents as guarantor. The same will happen for you, you could be removed as guarantor with time as the bank is happy that your sister is paying off the loan readily. That frees up your equity to invest elsewhere.


 

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