Will being a loan guarantor affect my mortgage app

Jameshoad82

Hi,
I'm new to the forums on MSE and need advice. My brother has asked me to be a loan guarantor for him as he has poor credit history but needs a loan over the next 18 months to help him with some home renovations.
I have a good credit rating, and salary, and have no doubt the guarantor aspect will not throw up any problems. However, I am looking to apply for a mortgage in the next 6 months and want to know if being a guarantor will show up on my mortgage application, and adversley affect me?

My brother is is a stable job, good income and won't miss a payment, his poor criedit comes from a previous relationship and so there is no concern that he will miss the monthly payments at all.

Any advice would be greatly recieved.

Thanks

James

melj16

I'm not sure if it would show up on your credit file....but when I have been asked by family members in the past, i've always considered the worst scenario which always brought me to the decision of 'no, I can't be guarantor.'

If they can't pay, I can't afford to fork it out nor do I have enough leaway on my mortgage income multiples to allow for the extra financial commitment.

Family or not...sorry to be harsh but....be careful !!!55357;!!!56876;