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What are the alternatives to having a guarantor?

Find out what alternatives there are to having a guarantor

No impact on credit score

Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: August 9, 2021

If you don’t have a suitable guarantor or this type of mortgage is not for you, then there may be other options available to help you buy the property you want.

If a lack of deposit is an issue:

the new government Help to Buy 2 scheme may be of interest, as this allows you to buy a property with just 5% deposit on a relatively decent rate. Alternatively, there are lenders that are happy with you putting your deposit on a credit card or personal loan – many don’t allow this due to the increased risk, but there are some that do so long as you can prove you can afford all borrowing.

For a full breakdown of your options when buying with little / no deposit, visit our dedicated low deposit mortgage page

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If affordability is an issue:

Perhaps because of your guarantor’s age or income, it may be an idea to consider the following:

  • Ask another family member – It’s possible to have someone other than your parents as guarantor, see the list here.
  • Consider a joint mortgage – Having another person on the actual application, so that they would be joint owner of the house. This allows all incomes to be considered, maximising the mortgage amount available. There are lenders willing to consider up to 4 incomes on one mortgage, with pension incomes accounted and some have no maximum age limit, you can read more about joint mortgages in our guide.
  • Increase your deposit – By increasing the deposit on your property, this decreases the amount you need to borrow from mortgage providers. If you have a proposed guarantor that is willing to help but you have been declined a guarantor mortgage, we may be able to assist. By remortgaging or taking out a small secured loan on their property, you could put more towards your deposit, bringing the size of your mortgage down to a more affordable one, with you taking complete ownership without the need of a guarantor.

When you’re looking to find a mortgage, parental help can be the best and most appropriate option. But it’s not for everyone.

To find out what your options are or to make an application, chat it through with one of our experts by calling 0808 189 2301.

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About the author

Pete, 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 found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with 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 OMA of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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