Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Yagni
    • By Yagni 14th Jun 19, 7:26 PM
    • 2Posts
    • 0Thanks
    Yagni
    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
    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.
Page 1
    • Yellow_mango
    • By Yellow_mango 14th Jun 19, 8:28 PM
    • 368 Posts
    • 640 Thanks
    Yellow_mango
    • #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
    Yagni
    • #3
    • 15th Jun 19, 10:54 AM
    • #3
    • 15th Jun 19, 10:54 AM
    Thanks for your reply. See what others think as well.

    Thanks.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,304Posts Today

8,192Users online

Martin's Twitter