Given the increasing and seemingly unaffordable housing market, guarantor loans are a common way to secure a loan. This is for good reason. This type of loan allows people, who might have some concerns about paying off their mortgage to have their dreams come true with property ownership.
To put in simple terms, a guarantor e.g., a family member, allows the equity in their own property or assets to be used to provide extra safety for the borrower’s loan. Basically, the guarantor offers to pay back the whole loan if the borrower can’t by offering their house or another asset as an additional layer of security. When looking for the most suitable loan, it’s possible to find loans with a guarantor, not a homeowner e.g., a commercial property may provide additional security. As well as guaranteeing to pay off the loan, the guarantor also promises to pay all fees.
Given the complexity and the risks of this type of loan, at Mortgage Domayne we look at the most suitable guarantor loans with you. Our award-winning brokers are able to assist with finding the most suitable guarantor loan options by meeting with you and later walking you through a comparison of the most suitable guarantor loans. We look forward to ensuring that each step of your guarantor process is flexible and most suited to your needs with a vying rate. Call us or drop into our office to speak with one of our experienced brokers.