It is a type of mortgage designed to let let you borrow the money you need with the help of another person.

Depending on the lender you choose, your guarantor could be a relative or close friend, and they will be liable to repay some or all the mortgage if you cannot.

Unlike a joint mortgage with your parents, you could both lose your homes if you stop repaying your guarantor mortgage.

However, if you pay your guarantor mortgage each month, there is no financial risk to you or your guarantor.

Who can be a guarantor on your mortgage?

Some lenders only accept parents or grandparents as a guarantor, but others are more flexible. Whoever you use, they usually need to:

Use this comparison to find the lowest interest rate for the term you want. Check the lender can accept your guarantor before you apply.

Do you still need a deposit?

You do not need a guarantor mortgage deposit in all cases, but if you have one it could help you get a better deal.

For example, a 100% Loan to value (LTV) mortgage requires no deposit but is likely to charge you a higher interest rate than a 95% LTV mortgage deal with a 5% deposit.

You still need to have enough money to pay for any legal fees or stamp duty for buying your home. Depending on the price of your property, this could cost you thousands.

Guarantor mortgages FAQs

Q

Can I get a guarantor mortgage as a first time buyer?

A

Yes, most guarantor mortgage deals in this comparison are designed for first time buyers. Compare all first time mortgages here.

Q

Can I get a guarantor mortgage with bad credit?

A

Yes, if your guarantor has a strong credit history and meets the mortgage lending criteria. You can compare mortgages for bad credit here.

Q

Can I get a guarantor mortgage for a buy to let property?

A

No, you have to apply for a buy to let mortgage if you plan on renting out your property.

Q

Can I get a guarantor mortgage if I am self employed?

A

Yes, but if you want a mortgage solely in your name, you can compare and apply for a self employed mortgage.

Q

Should you act as a guarantor on a mortgage?

A

Being a guarantor can help your loved one get on the property ladder, but it comes with risks. Here is what to consider before becoming a guarantor.

About our guarantor mortgage comparison

Q

Who do we include in this comparison?

A

We include mortgages that may accept guarantors from every lender in the UK. They are all from lenders regulated by the Financial Conduct Authority. Here is more information about how our website works.

Q

How do we make money from our comparison?

A

We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here.

You do not pay any extra and the deal you get is not affected.