Guarantor Scheme

Although in some cases a close family member may be prepared to act as a guarantor, most lenders will only accept this arrangement if there is a realistic possibility that the borrower will be able to take over the mortgage in the foreseeable future - perhaps in 3 or 4 years time.

The guarantor must also have sufficient income to cover both their existing mortgage and current commitments with the proposed new mortgage finishing before the guarantor’s normal retirement age.