A guarantor mortgage is where someone else agrees to pay for your mortgage if you can’t.
You might need a guarantor mortgage if you’re on low income, have a bad credit history, or can’t save a lot of money for a deposit. A lot of people who choose the guarantor route do so because they have a poor credit rating. But it’s important to remember that you can get a mortgage without a guarantor, even with bad credit. You just need to find the right lender.
Having a guarantor means that you’re more likely to be accepted for a mortgage. You could even borrow more than you would on your own, or unlock the lower interest rates.
It’s not a joint mortgage - your guarantor won’t own any portion of your home, they’re just agreeing to pay if you can’t. Their name will be on the legal documents but they won’t have any stake in the property.
A mortgage lender will need to secure your mortgage against your guarantor’s home or their savings. This means they can repossess your guarantor’s home if your mortgage doesn’t get paid. Because of this risk, it’s a good idea to get advice from a mortgage broker before applying for a guarantor mortgage.
We get how it feels when you’re refused a mortgage. We’ve been there. Haysto exists because the mortgage world is broken. If you don’t have a shiny credit rating, you’re self-employed with a complex income, or just don’t fit the mould, the odds are completely stacked against you. We just don’t think that’s fair.
Unlike others, we only work on bad credit, self-employed and complex mortgages. That’s all we do. And we’re up for a challenge.
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