Getting a Mortgage as a Guarantor
Author: Pete Mugleston
CeMAP Mortgage Advisor, MD
Hi, Does being a rent guarantor affect me getting a mortgage?
Hi there,
Thanks for your enquiry. We’re happy to help.
If you apply for a mortgage and are a guarantor for a family member or friend, this could affect your application.
Lenders take a close look at all aspects of your income and outgoings, so the potential risk that you, as a guarantor, may have to pay their debt could have a negative impact when it comes to calculating affordability.
So, it is possible that being a guarantor could prevent you from getting another mortgage.
This is why it’s essential to think long and hard before you go guarantor, even for someone you trust, such as a close family member.
If you have questions and want to speak to an expert for the right advice, call Online Mortgage Advisor today on 0330 818 7026 or make an enquiry here.
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Pete Mugleston
CeMAP Mortgage Advisor, MD
Pete, a CeMAP-qualified mortgage advisor and an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete successfully went the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained and his love of helping people reach their goals led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.
Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for Online Mortgage Advisor of course!
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