Guarantor Mortgages

Guarantors are being used, especially by young first time buyers to purchase a property. Parents and close relatives are becoming involved to help in making up the shortfall between what the applicants can borrow and what is actually needed to purchase the property. Guarantees can be offered in different ways, secured against the equity in a parents home or secured in using the parents income as a second applicant. It is important to remember that the guarantor in most instances is held jointly and severally liable to the mortgage. These guarantor schemes are mainly intended for young professionals in occupations like solicitors & doctors etc where there is a high prospect of increases in income and the guarantor can be release quickly.

Parents and family can help in many ways, not just as guarators, but by gifting deposits, by acting as joint purchasers and even raising funds against their own property in order to provide the funding for the purchase. Some lenders have very ingenious products to cater for this.

We are even finding groups of up to four people are combining together in order to purchase a property.

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