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A guarantor mortgage could be the key that unlocks your dream home sooner than expected.

*As a mortgage is secured against your home, it could be repossessed if you do not keep up with the mortgage repayments.

By involving a family member in the process, you can benefit from borrowed funds or larger deposits, making homeownership an achievable goal!

It’s important to gain advice about mortgage guarantors by using one of our Resolute advisors.  There are possibly other avenues available to you, which without knowing what to look for, you may not find on your own.

This type of lending is also lender specific which means not all High Street Banks & Building Societies offer this as an alternative option to a traditional mortgage.

Guarantor - Resolute Mortgages - Claydon, Ipswich

Buying a house can be difficult, but with help from your family, you could make it achievable!  A guarantor mortgage allows someone close to you e.g., a parent or relative to support the agreement.  However, by entering into a guarantor agreement, the guarantor does not gain ownership of the property but, they take on the responsibility to ensure that mortgage repayments are met if, the borrower falls behind.

Lenders will need to carefully assess anyone who becomes a guarantor in the same way they assess the borrower.  There will be certain criteria that need to be met, as well as full details around income and expenditure.

Things to consider.

Like a traditional mortgage, the term is usually based on the eldest applicant.  When it comes to a mortgage with a Guarantor, the same rule applies.   Therefore, having your parents as guarantors may help you secure the mortgage,  but you may find your term is shorter than expected, which in turn could impact the cost of your monthly mortgage payments.

  • Minimum age 21 years old.
  • Must either own their home outright or have sufficient equity in their property.
  • Excellent credit score
  • Enough income to cover the repayment costs if necessary, as well as their own commitments and outgoings.

A Lifetime ISA is essentially the Government giving you money towards your first home but there are some caveats.
A guarantor will need to get their own legal advice before committing to the agreement.  This confirms that they fully understand what they are agreeing to and the potential risks involved.

Guarantor Potential Risks


You may secure the mortgage to your personal savings account, which means until the mortgage has been fully repaid or you are relieved of your duties as a guarantor, your savings could be tied up for a long period of time.


You may choose to secure the mortgage against your property and should the worst case scenario happen, whereby the guarantor and borrower fail to keep up with the mortgage payments, this could result in the lender repossessing your home to get their money back.

Change of circumstances

A mortgage is usually a long-term financial commitment and we understand people’s circumstances change however, if your financial circumstances change whereby you lose your job and income, then this could soon become a financial burden.

Damage to your credit score

As you become a guarantor, you are tying yourself to another person’s loan. If the person you a guaranteeing should start to miss their mortgage payments, then you could find this making a negative impact on your credit score.

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