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?


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.


Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

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