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Being guarantor, does it affect mortgage app?


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As above, my brother has asked me to be guarantor for a flat he wants to rent which is fine. We're also looking to buy a place soon so does anyone know if doing this for him would negatively affect me if i wanted to apply for a mortgage at the same time?

 

Cheers,

 

Michael

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Shouldn't do.

 

You wouldn't be required to sign the mortgage deed and therefore you don't need to declare it as an 'other mortgage' on your application (obviously unless the question asked is 'do you have any other mortgages apor are named as a guarantor').

 

However you may be credit searched which could have a negative impact on your credit score but that is way too technical to start worrying about

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Seriously what is the point of a guarantor on a rental.......we cant even get money out of people who are named on the mortgage never mind someone who isn't.

 

Who the hell would even bother their arse taking you to court either......1000's of quid just to get a judgement that would never get paid anyway.

 

Pointless!

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Seriously what is the point of a guarantor on a rental.......we cant even get money out of people who are named on the mortgage never mind someone who isn't.

 

Who the hell would even bother their arse taking you to court either......1000's of quid just to get a judgement that would never get paid anyway.

 

Pointless!

 

Yes but the CCJ the landlord could issue to ALL parties would SERIOUSLY hamper your mortgage prospects. The threat of getting a CCJ because someone else didn't pay their rent is enough to ensure that the Guarantor applies enough pressure the the person to cough up.

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Seriously what is the point of a guarantor on a rental.......we cant even get money out of people who are named on the mortgage never mind someone who isn't.

 

Who the hell would even bother their arse taking you to court either......1000's of quid just to get a judgement that would never get paid anyway.

 

Pointless!

 

Yes but the CCJ the landlord could issue to ALL parties would SERIOUSLY hamper your mortgage prospects. The threat of getting a CCJ because someone else didn't pay their rent is enough to ensure that the Guarantor applies enough pressure the the person to cough up.

 

Aye but by that point hes already got his mortgage ;)

 

Its funny you know we have customers who get their parents to be guarantors on unsecured loans......then when they can't pay their mortgage they say 'but I have to pay the loan because my mum is the guarantor and she'll have to pay if I don't

 

Erm yes numb nuts that's exactly the idea.....you don't lose your house and mum pays the loan not the other way round!

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