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Acting as guarantor - affect on credit rating?
alexeix
Posts: 24 Forumite
Hi,
I've been asked to act as guarantor on a family member's rent, which is fine, however, does anyone know for sure whether or not this will affect my credit rating (I am about to apply for a mortgage)?
Also, is there any way to set a time limit or is it always indefinite?
Thanks.
I've been asked to act as guarantor on a family member's rent, which is fine, however, does anyone know for sure whether or not this will affect my credit rating (I am about to apply for a mortgage)?
Also, is there any way to set a time limit or is it always indefinite?
Thanks.
0
Comments
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It won't affect your credit rating as such, although your name will be searched and that will leave a footprint on your file. The guarantee usually lasts for the period of the tenancy, and any renewals, be aware that a GUARANTOR can be pursued through the courts for any outstanding debt.0
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