A mortgage guarantor is usually a close relative, or even a friend, who promises to make any mortgage repayments you might miss. Your guarantor would have to hold their savings as security for your mortgage, by putting cash into a savings account or linking it to your mortgage. Or your
potential guarantor might offer their property as security, assuming they’ve paid off enough of their own mortgage for this to be possible.
Your guarantor will need to be a homeowner, with a high enough income to be able to cover their own expenditures and your repayments, should you miss them.
If you have a relative, or close friend who is willing to do this for you, you should be able to get a guarantor mortgage. ENQUIRE HERE
Category:
General Mortgage FAQ
