Guarantor mortgage details

veryTINY

Hi moneysavers

I was hoping I could pick someones brains about guarantor details -

basically me and two others are in the process of renting an amazing house, however we know others are interested. The agents want all our details for the landlord so he can decide which group is the most secure/financially stable etc.

It asks to specify my guarantor's (my mum's) rent or mortgage, now my dad died a couple of years ago and had just taken out a remortgage on their property (and no, didn't tick the payment protection insurance), leaving my mum (unintentionally) with a hefty mortgage.

Now, what I wanted to know is, do I state how much her mortgage repayments are and if I do, will this impede on our eligibility as tenants?

Her credit rating nonetheless is excellent.

Hope someone can help.

Thank you!

tiny

clutton_2

what a LL or LA is looking for in a guarantor is the ability to pay both their own bills and the rent of the property they are guaranteeing... you need to find a way to show them that this is the case.. if she can afford it - she may not be able to - in whihc case how can she become a guarantor ?

veryTINY

Thank you for your help clutton, I know she can afford her repayments and is an eligible guarantor, what I was concerned about was whether or not her high monthly mortgage repayments would look less favourable to the LL, but as they ask her income too I suppose it shouldn't be a problem.

clutton_2

many people dont like this... but showing the LA 6 months of your mums bank statements shows a LL exactly how a person lives... and whether they are good for the rent/guarantee or not..... it also shows an upfront honesty which is always a good thing in a prospective tenant/guarantor....