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I know there are some people on here who specialise in related matters, so looking for a bit of a guide please....
About 12 years ago I became a guarantor on my daughter's 30 year mortgage (Bank of Ireland). At the time I was with her mum and on a very good salary.
I have now remarried and recently retired so my income is quite a lot less plus my capital is pretty low
Do I have to remain a guarantor for the life of the mortgage? I do not think for one moment that there will ever be an issue with her repaying, but would rather not continue as a guarantor. Not least because I want to ensure my new wife does not get affected.
Not asked the bank yet as of course, I don't want to highlight something that may cause my daughter a problem. She is not in a position to re-mortgage.
Hope that makes sense! Thanks
About 12 years ago I became a guarantor on my daughter's 30 year mortgage (Bank of Ireland). At the time I was with her mum and on a very good salary.
I have now remarried and recently retired so my income is quite a lot less plus my capital is pretty low
Do I have to remain a guarantor for the life of the mortgage? I do not think for one moment that there will ever be an issue with her repaying, but would rather not continue as a guarantor. Not least because I want to ensure my new wife does not get affected.
Not asked the bank yet as of course, I don't want to highlight something that may cause my daughter a problem. She is not in a position to re-mortgage.
Hope that makes sense! Thanks