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Guarantor for a mortgage?

  • 22-02-2020 3:36pm
    #1
    cc1234
    Registered Users Posts: 18 ✭


    Is there such a thing as a bank allowing someone to go guarantor for a mortgage application?


Comments

  • #2
    ldy4mxonucwsq6
    Closed Accounts Posts: 1,537 ✭✭✭ldy4mxonucwsq6


    cc1234 wrote: »
    Is there such a thing as a bank allowing someone to go guarantor for a mortgage application?

    Yes, it's still a thing albeit doesn't seem to be as popular as it used to be (maybe people got sense).

    Speak to a mortgage adviser first and find out your options, your guarantor should also get legal advice first and know exactly what they are signing up for (basically the possibility that they will become wholly responsible for a mortgage).


  • #3
    [Deleted User]
    Posts: 14,344 ✭✭✭✭ [Deleted User]


    I was talking to KBC about this exact thing yesterday, and they said that a guarantor isn't really the done thing anymore.

    So.. I dunno.. make of that what you will, but it'd be helpful if anyone can point out any banks that do accept it as a payment strategy.


  • #4
    caoimhe_kelly
    Registered Users Posts: 51 ✭✭caoimhe_kelly


    Resurrecting this..

    Are guarantors a thing of the past altogether now?


  • #5
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    I'm a mortgage Broker and I'm not aware of any lenders accepting guarantor's since the recession.


  • #6
    namloc1980
    Registered Users, Registered Users 2 Posts: 18,315 ✭✭✭✭namloc1980


    caoimhe_kelly wrote: »
    Resurrecting this..

    Are guarantors a thing of the past altogether now?

    Pretty much. Mortgage assessment is based entirely on the repayment ability of the proposed borrowers within regulatory limits etc.


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  • #7
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,362 Mod ✭✭✭✭Jim2007


    caoimhe_kelly wrote: »
    Resurrecting this..

    Are guarantors a thing of the past altogether now?

    In theory it's still possible... but it unlikely you find may lenders will to go down that road.

    Normally the bank are looking at to things in this respect: The ability of the borrower to make the repayments and the value of the property incase in all goes wrong and they need to recover their money that way.

    If there is a need for a guarantor, then either the ability of the borrower to meet the repayments are in question of the value of the asset. Either way, giving a guarantee is not something to do.


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