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Guarantor

A guarantor is a person other than the borrower who guarantees the mortgage repayments. A Guarantor can sometimes be used to support a borrower who has insufficient income to qualify for a mortgage in their own right.

The Guarantor will normally need to have sufficient income to support the new mortgage in its entirety after taking into account any existing mortgage and other commitments they have personally.

The Guarantor becomes responsible for the whole mortgage repayment if the borrower defaults. They normally need to receive independent legal advice before signing a guarantee.

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Your home may be repossessed if you do not keep up repayments on your mortgage. Site Last updated 13th July 2005. © Martin Mortgages, Stableford Lodge, Jaras Drive, Baschurch, Shropshire SY4 2DH Martin Mortgages Ltd is an appointed representative of Thinc Assured Network Limited which is authorised and regulated by the Financial Services Authority. This site is intended for UK Consumers only. Our typical fee for advice is 1% of the mortgage advance or £500 whichever is the greater. The overall cost for comparison is 8.4% APR.  The actual rate available will depend on your circumstances.  Ask for a personalised illustration.  APR variable and based on a usual case. Not all buy to let mortgages are regulated by the Financial Services Authority. Think carefully before securing other debts against your home. Please note Commercial Mortgages are not regulated by the Financial Services Authority.
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