My wife and I have recently started the process of building a custom house. We are still in the very early stages and haven’t decided on anything just yet.
My wife’s parents (late 60s) have just asked us to sign as a guarantor on their own 2500万円 mortgage of 12 years, as they’ve always dreamed of owning their own house but are finally in a position to do so (debatable, but not the question here). Their current monthly work income is still more than 3x the mortgage payments, but they are old – so I’m assuming the banks want a guarantor.
My question is: if we sign as a mortgage guarantor (not co-signing) for them, will this affect our borrowing amount when we apply for our own mortgage? Do banks here check for that?
If anyone has any personal experience they could share, it’d be much appreciated.
by maipenrai0