Rental guarantor and mortgage amount

mancflea

Hi,

I am looking to sell my flat and move home towards the end of this year and re-mortgage.

I have been asked to be a guarantor on a new rental property for my parents-in-law and I was wondering if this would affect my mortgage application and possibly reduce the amount I can borrow when re-mortgaging?

If it does affect my lending ability, is it all lenders or just certain ones?

Many thanks

M

harvey115

Its a tough one to answer.

When I went for renting the Vendor asked to Credit Check me but since I was self employed they asked for a Guarantor to prove that I can cope with the rent payments. The vendor used a company called Maras who only did a credit check to my file and the guarantor's file, but there was no financial linkage placed on our files during this.

You need to check with the vendor what sort of checks will b performed and whether you will be linked to the tenants on your credit files?

mancflea

Thanks,

I will ask the vendor what sort of credit check they are going to perform. Hopefully I won't be linked for a rental guarantor and my mortgage won't be affected.

Thanks for your help