Borrowing with Guarantors
Guarantor must be a close family member and be able to afford the whole mortgage as well as their own existing commitments. This means that the guarantor will be assessed separately from the applicant in terms of our affordability criteria. The guarantor's own income (less existing credit commitments) must be sufficient to support the total mortgage balance requested plus any outstanding mortgage balances they may already have.
The guarantor must receive independent legal advice from a different solicitor to the one chosen by the applicant(s) and the guarantor will be responsible for all costs incurred in this respect.
85% maximum LTV.
Questionnaires must be completed in addition to the application form and are available only from the internet.
The questionnaires will help provide all the information needed to process your case more efficiently.
Please send your application and questionnaire to your usual Service Centre.
All guarantor cases will be individually underwritten by a specialist team in Head Office. Additional proofs in the form of 6 months bank statements, evidence of deposit (if not from existing equity) and 2 years business accounts (for self employed guarantors) will be required in all cases.
