{"id":137,"date":"2021-09-22T15:48:04","date_gmt":"2021-09-22T14:48:04","guid":{"rendered":"https:\/\/www.affalo.co.uk\/blog-api\/?p=137"},"modified":"2022-09-08T14:20:24","modified_gmt":"2022-09-08T14:20:24","slug":"guarantor-mortgages-the-risks-and-benefits","status":"publish","type":"post","link":"https:\/\/www.check.co.uk\/blog\/mortgages\/guarantor-mortgages-the-risks-and-benefits\/","title":{"rendered":"Guarantor mortgages: the risks and benefits"},"content":{"rendered":"\n<hr class=\"wp-block-separator is-style-wide\"\/>\n\n\n\n<p>Guarantor mortgages are home loans where a person accepts some of the risk on behalf of the borrower by acting as their guarantor. They can be useful for first-time buyers, but they are not without their problems.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-flat ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">What&#039;s Included?<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/guarantor-mortgages-the-risks-and-benefits\/#How_can_a_guarantor_mortgage_be_useful\" >How can a guarantor mortgage be useful?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/guarantor-mortgages-the-risks-and-benefits\/#What_happens_if_I_miss_a_payment_on_a_guarantor_mortgage\" >What happens if I miss a payment on a guarantor mortgage?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/guarantor-mortgages-the-risks-and-benefits\/#What_types_of_guarantor_mortgage_are_available\" >What types of guarantor mortgage are available?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/guarantor-mortgages-the-risks-and-benefits\/#Property_as_security\" >Property as security<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/guarantor-mortgages-the-risks-and-benefits\/#Savings_as_security\" >Savings as security<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/guarantor-mortgages-the-risks-and-benefits\/#Are_there_alternatives_to_guarantor_mortgages\" >Are there alternatives to guarantor mortgages?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/guarantor-mortgages-the-risks-and-benefits\/#Joint_mortgages\" >Joint mortgages<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/guarantor-mortgages-the-risks-and-benefits\/#Joint_borrower_sole_proprietor_mortgages\" >Joint borrower sole proprietor mortgages<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/guarantor-mortgages-the-risks-and-benefits\/#95_mortgage_guarantee_scheme\" >95% mortgage guarantee scheme<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/guarantor-mortgages-the-risks-and-benefits\/#FAQs\" >FAQs<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/guarantor-mortgages-the-risks-and-benefits\/#What_happens_if_my_guarantor_dies\" >What happens if my guarantor dies?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/guarantor-mortgages-the-risks-and-benefits\/#How_much_can_I_borrow\" >How much can I borrow?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/guarantor-mortgages-the-risks-and-benefits\/#Can_I_take_out_a_guarantor_mortgage_with_bad_credit\" >Can I take out a guarantor mortgage with bad credit?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/guarantor-mortgages-the-risks-and-benefits\/#Do_guarantor_mortgages_have_good_interest_rates\" >Do guarantor mortgages have good interest rates?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/guarantor-mortgages-the-risks-and-benefits\/#Can_I_take_out_a_guarantor_mortgage_even_if_neither_of_my_parents_still_work\" >Can I take out a guarantor mortgage even if neither of my parents still work?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/guarantor-mortgages-the-risks-and-benefits\/#Should_I_take_out_a_guarantor_mortgage\" >Should I take out a guarantor mortgage?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/guarantor-mortgages-the-risks-and-benefits\/#Credit-Score_offers_two_fabulous_solutions\" >Credit-Score offers two fabulous solutions.<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_can_a_guarantor_mortgage_be_useful\"><\/span>How can a guarantor mortgage be useful?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A guarantor mortgage can be useful if you\u2019re a first-time buyer. This is especially true if you have a lower income, are struggling to save for a deposit, have a bad credit score, or no credit history.<\/p>\n\n\n\n<p>They involve the lender asking someone to \u201cguarantee\u201d that you can pay your mortgage back regularly. Lenders will therefore be less harsh in their risk assessment.<\/p>\n\n\n\n<p>This person is called a \u201cguarantor\u201d.<\/p>\n\n\n\n<p>Due to the risks involved, your guarantor must be someone who owns their own home, has a reputable credit score, and who has sought legal advice so they know the risks.<\/p>\n\n\n\n<p>For obvious reasons, you need to have a trusting relationship with your guarantor. Generally, the lender will require them to be a close family member, like a parent or guardian.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_happens_if_I_miss_a_payment_on_a_guarantor_mortgage\"><\/span><strong>What happens if I miss a payment on a guarantor mortgage?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The consequences hit both you and the guarantor quite hard. The lender will repossess and sell your home. Any money they don\u2019t get back from the sale will be made up from whatever assets your guarantor has forfeited. This means they could lose enormous amounts of savings or even have their own home repossessed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_types_of_guarantor_mortgage_are_available\"><\/span>What types of guarantor mortgage are available?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Property_as_security\"><\/span>Property as security<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The guarantor promises the lender their home as security. The guarantor needs to own their own home for this to work, of course. If the borrower fails to make mortgage repayments, then it is possible that the guarantor may lose their home. This means the guarantor must be able to support the borrower in times of hardship, should they arise.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Savings_as_security\"><\/span>Savings as security<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The guarantor promises the lender their savings as security. The guarantor puts a certain amount of savings into a special savings account held with the lender. They are able to make interest on these savings, though not as much as if they put their savings into an account with their bank or a credit union.<\/p>\n\n\n\n<p>If the borrower fails to make their mortgage repayments, the lender can take a chunk out of the guarantor\u2019s savings.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Are_there_alternatives_to_guarantor_mortgages\"><\/span>Are there alternatives to guarantor mortgages?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Joint_mortgages\"><\/span>Joint mortgages<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A parent and a child buy a house together, which means they are both responsible for mortgage repayments, and both own the house. This means that the parent can pay into the mortgage as well as the child, taking some stress off of the child.<\/p>\n\n\n\n<p>However, bear in mind that this means that any failure to make repayments could be disastrous to both parties\u2019 credit histories. Additionally, if the parent owns their own home, they will need to pay <a href=\"https:\/\/credit-score.com\/blog\/what-is-stamp-duty\" target=\"_blank\" rel=\"noreferrer noopener\">full stamp duty<\/a> on the title deed, which will cost a lot of money.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Joint_borrower_sole_proprietor_mortgages\"><\/span><strong>Joint borrower sole proprietor mortgages<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Joint borrower sole proprietor mortgages, or JBSP mortgages, are similar to joint mortgages. However, in this case, only the child has the title deed to the property, even if the parent is making repayments on the mortgage. This means the parent can avoid having to pay stamp duty, as the house is not legally theirs.<\/p>\n\n\n\n<p>Nevertheless, being accepted for a JBSP mortgage is contingent on factors like the age of the parent and the likelihood of the child\u2019s average income improving over the lifetime of the mortgage.<\/p>\n\n\n\n<p>In both cases, joint mortgages always require a deposit, meaning that the parent is a borrower, not a guarantor.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"95_mortgage_guarantee_scheme\"><\/span>95% mortgage guarantee scheme<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In March 2021, <a href=\"https:\/\/www.gov.uk\/government\/news\/new-95-mortgage-scheme-launches\" target=\"_blank\" rel=\"noreferrer noopener\">the Chancellor of the Exchequer announced that the Government would start guaranteeing 95% mortgages for people with 5% deposits<\/a>.<\/p>\n\n\n\n<p>This means, in effect, that for a limited time borrowers can ask the Government itself to act as a guarantor on specific mortgage products offered by certain lenders. If you fail to meet your payments and your home is repossessed, the Government has promised to compensate lenders for any losses.<\/p>\n\n\n\n<p>Bear in mind that interest rates for 95% mortgages are likely to be high, so you will likely need to be sure you can keep up with the rates. Talk to a professional financial advisor if you\u2019re unsure.<\/p>\n\n\n\n<p>The scheme is open to first-time buyers. It will end on 31<sup>st<\/sup> of December 2022.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FAQs\"><\/span><strong>FAQs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_happens_if_my_guarantor_dies\"><\/span><strong>What happens if my guarantor dies?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Depending on the lender, you may have to get another guarantor. Other lenders may let you sell off your guarantor\u2019s estate to go towards the mortgage. Assuming, of course, that it is bequeathed to you. Be sure to check before you borrow.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_much_can_I_borrow\"><\/span><strong>How much can I borrow?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Most guarantor mortgages are 100% mortgages, meaning you don\u2019t have to put down a deposit. Instead, how much you can borrow is calculated based on how much your guarantor\u2019s assets can secure. Some guarantor mortgages do require deposits however. The lender will calculate how much you can borrow based on whatever you can put down plus whatever your guarantor\u2019s assets can secure.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Can_I_take_out_a_guarantor_mortgage_with_bad_credit\"><\/span><strong>Can I take out a guarantor mortgage with bad credit?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Possibly, though this isn\u2019t definite. You will be subject to heavy scrutiny by the lender. Your guarantor\u2019s assets may help offset your bad credit. But that\u2019s a big may. <a href=\"https:\/\/credit-score.com\/register\" target=\"_blank\" rel=\"noreferrer noopener\">Sign up with Credit-Score<\/a> to begin repairing your credit today. A subscription costs less than \u00a310.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Do_guarantor_mortgages_have_good_interest_rates\"><\/span><strong>Do guarantor mortgages have good interest rates?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Often, a guarantor mortgage will have higher interest rate than a more typical mortgage. A guarantor mortgage may make it easier to be accepted for a mortgage, but you still need to be sure you can make repayments.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Can_I_take_out_a_guarantor_mortgage_even_if_neither_of_my_parents_still_work\"><\/span><strong>Can I take out a guarantor mortgage even if neither of my parents still work?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>This is certainly possible, given that guarantor mortgages are secured using savings and property, not income. Check with your lender to see what their policy is.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Should_I_take_out_a_guarantor_mortgage\"><\/span><strong>Should I take out a guarantor mortgage?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If there\u2019s one thing you take away from this article, it\u2019s this: seek professional financial advice before you jump into anything as big as a mortgage!<\/p>\n\n\n\n<p>What we will say is this: Guarantor mortgages can put a heavy financial burden on you and your guarantor, and that can lead to stress. Money problems of all sorts have the potential to break up families. You and your guarantor need to think very carefully before you make up your mind about what\u2019s right for you.<\/p>\n\n\n\n<p>Bottom line: Always seek professional advice before you make an important financial decision.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Credit-Score_offers_two_fabulous_solutions\"><\/span>Credit-Score offers two fabulous solutions.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If you\u2019re preparing to take a mortgage, never apply until you\u2019ve tried our unique and&nbsp;<a href=\"https:\/\/home.credit-score.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">FREE Credit-Score Home app.<\/a>&nbsp;Our smart technology will tell you what you need to fix so you avoid rejection. The app predicts when you will be able to buy, for how much and tracks your month-by-month progress to mortgage success. We\u2019ve even added your own mortgage broker, so you get the best deals available.<\/p>\n\n\n\n<p>More focused on your credit rating? Well, get started for free with&nbsp;<a href=\"https:\/\/www.check.co.uk\/register\" target=\"_blank\" rel=\"noreferrer noopener\">Credit-Score\u2019s 24- Factor Credit Check<\/a>&nbsp;to truly help you improve your creditworthiness and how lenders view you. (Remember: lenders don\u2019t use your credit score! We\u2019ll show you what lenders look for and how to get your credit report in the best shape possible).<\/p>\n","protected":false},"excerpt":{"rendered":"Guarantor mortgages can be helpful if you&#8217;re a first-time buyer, but they&#8217;re not without pitfalls. Let us fill you in on the pros and cons.\n","protected":false},"author":19,"featured_media":5165,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[270],"tags":[653,654,506,507,508,620,477,655,656,657,558,658,659,660,661,662,621,523],"class_list":{"0":"post-137","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-mortgages","8":"tag-95-mortgages","9":"tag-bad-credit","10":"tag-buying-a-home","11":"tag-buying-a-home-for-the-first-time","12":"tag-buying-a-house","13":"tag-creditscore","14":"tag-first-time-buyer","15":"tag-government-guarantor-scheme","16":"tag-guarantor","17":"tag-guarantor-mortgages","18":"tag-homebuyer","19":"tag-jbsp","20":"tag-joint-buyer-sole-proprietor","21":"tag-joint-buyer-sole-proprietor-mortgages","22":"tag-joint-mortgages","23":"tag-jsbp-mortgages","24":"tag-mortgage-score-home","25":"tag-mortgages"},"acf":[],"featured_image_src":"https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2021\/09\/cytonn-photography-vWchRczcQwM-unsplash.jpg","author_info":{"display_name":"Robert Edwards","author_link":"https:\/\/www.check.co.uk\/blog\/author\/conor-mullinsaffalo-co-uk\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Guarantor mortgages: the risks and benefits | Credit-Score UK<\/title>\n<meta name=\"description\" content=\"Guarantor mortgages can be helpful if you&#039;re a first-time buyer, but they&#039;re not without pitfalls. 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