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Bank of Mum & Dad acting as guarantoor for childrens flat purchases inLondon where all the jobs are


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Hi,

I just wondered if anyone knows the long term implications for parents who have unwittingly been caught up in the cladding crisis by acting as guarantor's for there kids on large mortgages beyond their reach on a typical single graduate salary in London but desperate to get them on the housing ladder and als giving them the deposit of typically 5% to purchase thropugh the help to buy scheme or shared ownership but whose flat has otr will have fire safety issues in the next 3-4 years as more EWS1 surveys are done.

The scale of the problem is being highlighted by Daily Mail on their front page today and at the following link:

www.dailymail.co.uk/news/article-9109117/Millions-stuck-fire-trap-homes-Grenfell-blaze

What would happen if they default on mortgage/rent/service charge will parents be liable to foot the bill?    

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