Who can be a guarantor?
WHAT DOES A GUARANTOR DO?
In the past, before lenders judged the merits of a loan application on the basis of automated credit checks and scoring, a more personal approach was common. The bank or lender would often ask for a guarantor as security – just like many mortgage companies and landlords do today. It’s a time-proven system based on talking to people in person. and on trust. In plain language, being a guarantor means that if the borrower has problems with repayments, the guarantor will pay them on their behalf.Your Guarantor must:
- Be aged between 21 and 75
- Be able to take over your repayments if needed
- Know and trust you well
- Have a good credit record