What do you need to act as guarantor on someone else'smortgage
14 May 2003, 01:29 PM
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Hi,
What do you need to act as a guarantor on someone else's mortgage? Do you need capital to match the sum in question, or just be able to pay the repayments if need be?
What do you need to act as a guarantor on someone else's mortgage? Do you need capital to match the sum in question, or just be able to pay the repayments if need be?
14 May 2003, 01:32 PM
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As far as I know, you just have to prove that you can make the repayments if the first person defaults (I think that is the right word 
). Or have a stable guaranteed income, not having a mortgage helps loads, a decent profession.
Darren
[Edited by darlodge - 5/14/2003 1:33:51 PM]
). Or have a stable guaranteed income, not having a mortgage helps loads, a decent profession.Darren
[Edited by darlodge - 5/14/2003 1:33:51 PM]
14 May 2003, 01:46 PM
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Equity on your house, or an income big enough to cover the entire mortgage requirements.
Don't enter into this lightly as you can be held responsible for the entire amount..... Say the borrower doesn't pay his building insurance and then burns the house. He could potentially walk away with a crap credit score and you could lose your house and spend years paying for any shortfall.
Get legal advice before you do it so you know all the cons
Don't enter into this lightly as you can be held responsible for the entire amount..... Say the borrower doesn't pay his building insurance and then burns the house. He could potentially walk away with a crap credit score and you could lose your house and spend years paying for any shortfall.
Get legal advice before you do it so you know all the cons
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