Guarantor who is a friend not family member

TheGreatBear

Curious to know if any brokers out there, know of any lenders who would entertain this setup. I know this site shouldn't really be used for this type of question, but im sure someone could benefit from the knowledge. It is my understanding that this is not possible but I would appreciate any guidance.

Many thanks in advance

Thrugelmir

TheGreatBear wrote: »

Curious to know if any brokers out there, know of any lenders who would entertain this setup. I know this site shouldn't really be used for this type of question, but im sure someone could benefit from the knowledge. It is my understanding that this is not possible but I would appreciate any guidance.

Many thanks in advance

I am not a mortgage advisor.

However I don't understand why the relationship should matter.

maninthestreet

A guarantor does not have to be a family member, AFIAK. However, why would this friend want to act as guarantor - what's in it for them? Do they realise that they will be liable for paying the mortage of the mortgagee defaults on the payments?

SelbyJay_2

As nice as your friend seems, this is a really bad idea. Friends and money dont/shouldnt mix.

If you cant afford to get the place on your own merrit, you need to accept that it isnt the right time for you to buy yet. I bought with a best friend of 10 years and after 9 months it all went horribly wrong. I've not spoke to her for 3 years now. And never will speak to her again.

I'm desperate to move, but wouldnt consider jeopordising a close friendship. Friends are much more important than property.