Michelle Isemonger

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262 appearances 1 recordings 1 series first heard Jul 2026 last heard 19 Jul

Michelle Isemonger’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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The Prosperity Project · What banks really check before approving your mortgage · 19 Jul 2026 podcast

So if someone's putting in more money at one point, it's a matter of making sure that it is equitable once the property sells.

Yeah, definitely.

Yeah, exactly.

I mean, the banks view it as everyone is joint and severally liable.

So at the end of the day, if you're on the mortgage, you're not necessarily liable for 50% of it.

You're liable for 100% of it because...

at the end of the day, if your flatmate that you've bought with decides to move overseas, the bank will ask you for the mortgage repayment and or need to sell the house.

But yeah, you're correct.

And that's also where it comes in with guarantor applications or mum and dad coming in to help kids as well, is that it's a matter of going, well, if the parents are going on the title and you're all buying it and they're buying it as an investment property and

they're still equally liable for the mortgage as well.

They're not sort of hands-off.

Do you see many guarantors these days?

Not necessarily, no.

Realistically, you've got sort of two different scenarios and there's really only one where a guarantor application works, which is when someone's short on equity.

not short on income.

If you're bringing someone in to help with servicing, the banks view that as a borrowing of convenience and they're not going to approve that.

But at the same time, if you've got, I don't know, two young professionals looking to buy, they've got really good incomes, but just haven't got the cash as a deposit,

they can use a guarantor application, say bringing mum and dad on, using a bit of equity in their property, but the kids need to show that they can service all of the lending that's been taken out.

So mum and dad, yes, they're liable for the guarantor portion of the deposit, but the understanding is realistically it's the kid's mortgage.

They've got to pay for it, but mum and dad's property is still being used as security, so they need to show that they can also service that little portion of the deposit.

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