Guarantors

Posted on 29 April 2012 by matt


Myself and my wife have a bad credit history from years ago, we want to buy a house but cannot get a mortgage. Are their any lenders out there that will accept guarantors on a mortgage application?

Matt

There are lenders who will accept guarantors, but not usually where the applicants can not get a mortgage due to their credit records.  A guarantor is used where an applicants income is insufficient for the amount they want to borrow and by getting a third party to "guarantee" the mortgage will be paid lenders are willing to increase the size of the loan.

Your bad credit will stay on file for 6 years from registration and as you have been unable to get a mortgage I take it that you are still within that period?  Even if you are it may still be possible to obtain a mortgage from either a smaller building Society who does a credit check but doesn't rely on a credit score to decide who to lend to or from a specialist lender who will consider a mortgage but at higher interest rates.

If you haven't done so already, I recommend that you get a copy of your credit reports from one of the 3 main credit agencies and then give us a call on 0344 346 3672.  One of our independent mortgage advisers will then be able to look at your situation and let you know if it is possible to get a mortgage.

Peter

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