John tarantula Posted June 9, 2012 Share Posted June 9, 2012 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 Quote Link to comment Share on other sites More sharing options...
Cragus Posted June 9, 2012 Share Posted June 9, 2012 PM Sarnie - He will see you right on all things mortgage related. Quote Link to comment Share on other sites More sharing options...
Zugara Posted June 10, 2012 Share Posted June 10, 2012 Not that I am aware, I had the same, we were never asked so we never said, only issue you may have is can you afford both payments if there is a default on the rent? Quote Link to comment Share on other sites More sharing options...
cmck13 Posted June 10, 2012 Share Posted June 10, 2012 Have a look at this especially the last paragraph, very much a personal decision. http://www.mortgages-online.co.uk/mortg ... gages.html Quote Link to comment Share on other sites More sharing options...
Ricey Posted June 10, 2012 Share Posted June 10, 2012 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 Quote Link to comment Share on other sites More sharing options...
scubapics Posted June 10, 2012 Share Posted June 10, 2012 He's being asked to be a guarantor for rent not a mortgage chaps. Quote Link to comment Share on other sites More sharing options...
Zugara Posted June 10, 2012 Share Posted June 10, 2012 Apply for a mortgage first.... Quote Link to comment Share on other sites More sharing options...
Ricey Posted June 10, 2012 Share Posted June 10, 2012 He's being asked to be a guarantor for rent not a mortgage chaps. Doh......absolutely not in that case. Sign up and when the landlord comes knocking for bros rent tell him to jam his guarantor up his arse. Quote Link to comment Share on other sites More sharing options...
John tarantula Posted June 10, 2012 Author Share Posted June 10, 2012 Cheers guys, yes is for a place he wants to rent. Definitely wouldn't do it for a mortgage for him as much as i love him as my brother! Quote Link to comment Share on other sites More sharing options...
Ricey Posted June 10, 2012 Share Posted June 10, 2012 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! Quote Link to comment Share on other sites More sharing options...
John tarantula Posted June 11, 2012 Author Share Posted June 11, 2012 sounds good to me! I guess they just rely on the people named to pay up with the first letter asking them to Quote Link to comment Share on other sites More sharing options...
Sarnie Posted June 11, 2012 Share Posted June 11, 2012 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. Quote Link to comment Share on other sites More sharing options...
Ricey Posted June 11, 2012 Share Posted June 11, 2012 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! Quote Link to comment Share on other sites More sharing options...
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