implications of acting as guarantor

panchenlama

Hi,

I have a relative who is getting divorced and without going into the fine detail they would like to get thier partner removed from the mortgage. to do this they would need to get a new mortgage and as they are currently retraining (and not earning) would need a guarantor. They have asked me.

It may be possible for me to do this (I'm checking figures now) but I woudl also like to understand what the implications are for me. Obviously I know that if the person defaults on payments I would have to cover these but I'm concerned that I may not have any say in what happens to the property if payments are defaulted i.e. could I step in and take control?

can anyone help me understand possible impacts to me if things went wrong?

thanks in advance