Your spouse (this is commonly done to protect assets) A mortgage guarantor is the person who provides additional security for your mortgage loan. Most lenders prefer the guarantor to be a close relative, usually a parent, grandparent or sibling. Although having a parent or family member as a guarantor is great for young borrowers, it can be risky for the guarantor. One of the main risks is that if your child is unable to repay the monthly mortgage loan, you may be responsible for at least the portion of the loan you secured.
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What's the oldest a guarantor can be?
To be a guarantor, you must be 18 years of age or older. However, in some cases, guarantors must be over 21 years of age.
What does a guarantor need to provide for a loan?
The guarantor you choose must meet the requirements of the lender for which you are applying for the loan. A mortgage guarantor is the person who provides additional security for your mortgage loan.
What are the liabilities of a guarantor?
The guarantor is ultimately responsible for the part of the loan it has secured. If the person they have guaranteed does not meet his loan obligations and fails to meet his credit obligations, the guarantor shall be liable for the amount he has guaranteed.
Who can become a guarantor in the uk?
Generally, a rent guarantor can be anyone between the ages of 18 and 75 who is a resident of the United Kingdom, who is in and does not have a poor credit history. For many it is a parent, relative or friend, but for thousands of people every year, especially international students and working professionals, it can be difficult to find this person.
