Do I need a Guarantor to get a mortgage?

If your lender is worried about you keeping up with the repayments, they can ask you to provide a Guarantor. A Guarantor is a nominated person (usually a parent) who promises to continue your mortgage repayments if you are unable to. A guarantor must be able to prove that they can meet both yours and their own mortgage repayments (if applicable) if necessary.

The guarantor should get independent financial advice before agreeing, so that they fully comprehend the implication of having to pay two mortgages at the same time.

The kind of situations in which guarantors are usually requested are with parents acting as guarantors for students buying a house, and those who are not giving any sort of deposit, and therefore want a 100% mortgage.