Guarantor and Nationwide

STOTTYCAKE_2

Thank you for advising me.

homer_j_3

i would try and keep your queries surrounding your sister to one post as it makes it easier for people to follow.

This is what the NW say about Guarantors.

Guarantor must be a close family member and be able to afford the whole mortgage as well as their own existing commitments. This means that the guarantor will be assessed separately from the applicant in terms of our affordability criteria. The guarantor's own income (less existing credit commitments) must be sufficient to support the total mortgage balance requested plus any outstanding mortgage balances they may already have.

The guarantor must receive independent legal advice from a different solicitor to the one chosen by the applicant(s) and the guarantor will be responsible for all costs incurred in this respect.

85% maximum LTV.

STOTTYCAKE_2

Sorry again homer_j about posting new thread but thought it was a separate topic

homer_j_3

the whole amount inc any transferred from old property

Rimo2021

STOTTYCAKE wrote: »

Just wondered if anyone has had any experience of Nationwide and guarantors. My sis and hus have been refused an additional mortgage for another house from Nationwide ( where they have a portable mortgage). My dad has offered to be guarantor as my sis and hus have been told to reapply in 3 months as there's a late payment on credit card on their record. Has anyone had experience in a like situation or can offer advice? My dad has a small mortgage of 29000 but his house is worth 600000.

I didn't think NW did guarantor mortgages any more. I had one from them many years ago but when I applied for another one (in 2003) I was told they no longer offered guarantor mortgages as there had been instances of guarantors getting out of their financial obligation by claiming in court that they did not fully understand the implications.

I got a guarantor mortgage from C & G instead who had a requirement that the guarantor takes independent legal advice and gets a solicitor to write a letter to the effect that the guarantor understands the committment they are taking on.

STOTTYCAKE_2

Thank you for that information