My mum is in the process of buying a property and has hit a hurdle.
She is under contract pending finance approval for purchase of a house for 233k, loan is 150k so LVR only 64%.
She owns an investment property valued at 315k, no loan but tenants in common with a friend 50/50.
The bank has asked her friend to gaurantee the loan, which ofcourse he doesnt want to do.
Mum is low income, and 67 years old. But I would have thought with a LVR or 64% the banks risk is very low without having to rely on her investment property for security.
Any suggestions?
She is under contract pending finance approval for purchase of a house for 233k, loan is 150k so LVR only 64%.
She owns an investment property valued at 315k, no loan but tenants in common with a friend 50/50.
The bank has asked her friend to gaurantee the loan, which ofcourse he doesnt want to do.
Mum is low income, and 67 years old. But I would have thought with a LVR or 64% the banks risk is very low without having to rely on her investment property for security.
Any suggestions?