Guarantor mortgages

[Whoknows11]

Hello, does anyone have any info they could share with me regarding guarantor mortgages please?

I'm looking at affordability and think this might be the way forward for me.

Thank you

I had one years ago. The guarantor needs to show they have an annual income needed to secure the mortgage that you want. If you don't pay your mortgage , then your mortgage company can pursue them for the kissing payments.

This will give you lots of info:

www.which.co.uk/money/mortgages-and-property/mortgages/types-of-mortgage/guarantor-mortgages-a3x5g1h6fw2x

They aren't like they used to be. The guarantor usually has to put money in or secure against their own home.
You can do a mortgage application with someone else but if it is your parent for example, you will only be able to borrow until their retirement and if they already own property there will be a second property stamp duty fee.

I would be scared to do it like that unless your guarantor has plenty plenty money.

Say you got long covid or something else long term, depression or run over by a bus or whatever and can’t work. You won’t be able to pay your mortgage and the guarantor will have to do it for you. Perhaps for years.

That’s why they have to have money to hand. Because if they don’t have cash they could presumably be forced to sell their family home so you could keep yours.

Scary stuff. And the answer isn’t an insurance policy of whatever sort as those bastards can wheedle their way out of anything. “You’ve got cancer, sorry we won’t pay out as you stubbed your toe aged six and that could have been an indication of a pregnancy existing condition” (or some such similar pish).

Are you sure this is your only option?

Pre-existing not pregnancy.

(Stupid autocorrect)

You cant really get them anymore -if you do rates will be high.