Guarantor Mortgages / Remortgages
Guarantor mortgages allow people on low incomes to purchase a property using another person such as a parent to provide guarantee of mortgage payments should the borrower fails to keep up the repayments. These mortgages are normally assessed on the income of the guarantor only and a deposit will still be required. The guarantor is best advised to take independent legal advice as any defaults by the borrower could also put the guarantor’s assets at risk.
If you are thinking about taking out a guarantor mortgage then speak to one of our expert FSA regulated mortgage advisors who are more than happy to provide you with free expert advice with no obligation.
Guarantor Remortgages are best for students or younger people wanting to get onto the property ladder. The guarantor however needs to be aware of the risks involved and take precautions. Anyone pursuing a guarantor remortgage should tread carefully and take into account the guarantor’s financial situation.
