Summary
First-time buyers can stretch their incomes if they get a little help from their parents. Most lenders will take a more flexible view on what they will lend if parents sign a 'guarantor' document saying that they will cover the monthly loan payments if their children default.
It is worth asking your bank or building society for its view on guarantor deals as arrangements tend to be offered on an individual basis some lenders want parents to cover the whole of their child's payments, while others will accept just a proportion of them, for example.See the full content of this document
Extract
Can Mum and Dad Help Out?
Bank Of Ireland...
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