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If you apply for a mortgage and are a guarantor for a family member or friend, it could affect your application.
Lenders take a close look at all aspects of your income and outgoings, so the potential risk that you, as 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 important 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 0808 189 2301 or make an enquiry here.
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