can someone go guarantor to mortgage???

we are hoping to get mortgage soon, we are 50/50 wether we will get one!can we get someome to go guarantor for martgage??does this happen??thanks in advance

They can but IMO its a terrible idea. What have they got to gain from doing so, and it can only end in disaster. I was asked to do this some years ago by a family member and thankfully I said no. I can now see the mess we would be in.

Have a read of this: [broken link removed]

Given some of the problems that have been posted in this forum as a result of guarantors being drastically affected by the recession as well as the person they made the guarantee for, I would not be inclined to encourage you to go down that route.

I don't think the banks are allowing guarantors at the moment. Cornflakes can you afford a mortgage?

As Bronte has pointed out, I don't think that lenders are doing them anymore, so it's probably a moot point.

Guarantees have received a lot of bad press. Guarantors have claimed that the lenders told them that the guarantee would never be called in.

However, they have a valid role and should be considered. Credit Unions use them a lot where they are lending to a new person - an existing member may be asked to guarantee the loan.

Buying a house with borrowed money is much cheaper than renting an equivalent house. If the buyer needs a guarantee to get the mortgage, then it's well worth considering. But the guarantor should understand that they are taking a risk and should not guarantee it if they have any doubts about the borrower.

Thanks for replies, we are in process of getting everything together to apply for mortgage! We can afford to buy but not sure we'll get mortgage! I have being looking on this website at other people who are applying and I feel extremely unsure now!! Some posters have gifts of 60k etc or salaries of 60 k p.a and we are just a normal couple in pretty crappy jobs!!! w do have someone that would go guarantor for us so might be last option if we get refused!!!!! Thank u you all