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    • Yagni
    • By Yagni 14th Jun 19, 7:26 PM
    • 2Posts
    • 0Thanks
    Rental guarantor effect on credit & mortgage offer
    • #1
    • 14th Jun 19, 7:26 PM
    Rental guarantor effect on credit & mortgage offer 14th Jun 19 at 7:26 PM

    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.

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    • Yellow_mango
    • By Yellow_mango 14th Jun 19, 8:28 PM
    • 368 Posts
    • 640 Thanks
    • #2
    • 14th Jun 19, 8:28 PM
    • #2
    • 14th Jun 19, 8:28 PM
    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 didnít show on anything they looked at.

    It is definitely not on my Experian credit report as a credit account. I havenít checked the others recently. Iím not sure whether there is a visible search though sorry.
    • Yagni
    • By Yagni 15th Jun 19, 10:54 AM
    • 2 Posts
    • 0 Thanks
    • #3
    • 15th Jun 19, 10:54 AM
    • #3
    • 15th Jun 19, 10:54 AM
    Thanks for your reply. See what others think as well.

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