Rental guarantor effect on credit & mortgage offer

Yagni

Hi,

I have been asked by my parents to act as a rental guarantor for them. A family friend has already agreed to act as a guarantor, but the landlord has asked for two guarantors. I'm quite happy to act as a the second rental guarantor, however, I have few questions please:

Would acting as a rental guarantor affect my credit file at all? Does it appear on my credit file in the first place? I've read that as part of the guarantor application a credit check will be carried out. Is this going to be a soft check, or a full one?

Secondly, I currently have an approved mortgage offer for a property I'm buying. We haven't completed yet and currently awaiting the legal side of things to finalise. Would being a rental guarantor have any affect when the lender releases the funds on completion day? Do lenders normally carry further checks before funds are released?

I do trust my family and I'm not concerned about missed payments, etc. However, I just wanted to ensure it won't have an effect on my current mortgage offer.

Thanks.

Yellow_mango

I am guarantor for my daughters rent. I also recently applied for a mortgage. It honestly never occurred to me to mention it at any time in the application, and neither the broker or the lender mentioned it or brought it up so I can only assume it didn’t show on anything they looked at.

It is definitely not on my Experian credit report as a credit account. I haven’t checked the others recently. I’m not sure whether there is a visible search though sorry.

Yagni

Thanks for your reply. See what others think as well.

Thanks.