MORTGAGE GUIDANCE
Guarantor mortgages and family support: what you need to know
There are several ways family members may potentially help someone buy a home. Traditional guarantor mortgages are one possibility, but lenders can also offer other structures involving income, savings or property.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
What is a guarantor mortgage?
A guarantor mortgage generally involves another person accepting specified obligations connected with the mortgage. The exact nature and extent of those obligations depends on the mortgage structure and lender.
Important
Acting as a guarantor can create significant financial obligations. Anyone considering becoming a guarantor should understand the commitment involved and may need independent legal advice.
How can family help with a mortgage?
Availability, terminology and structure vary considerably between lenders.
Gifted deposit
A family member provides money towards the deposit without the normal expectation of repayment.
Guarantor arrangement
Another person accepts specified obligations relating to the mortgage.
Family savings
Some mortgage structures may allow family savings to provide additional security for a period.
Family property or income
Certain lenders may offer arrangements involving another person’s property, income or other financial position.
What are the risks for someone providing support?
The consequences depend on the particular arrangement.
Financial liability
Depending on the arrangement, the supporting person may have financial obligations if the borrower does not meet the mortgage requirements.
Savings at risk or restricted
Some products can involve savings being held or restricted for a period and potentially being exposed to loss depending on the arrangement.
Property implications
Arrangements involving another person’s property can potentially put that property at risk.
Future borrowing
Providing support may affect the person’s own financial position or ability to borrow.
Guarantor mortgage or gifted deposit?
Gifted deposit
Money is given towards the purchase without the normal expectation of repayment.
Guarantor/family-assisted arrangement
The family member retains some form of financial involvement or obligation, depending on the product.
Neither structure is inherently preferable; suitability depends on circumstances.
Does a guarantor own part of the property?
Guaranteeing a mortgage does not necessarily mean the guarantor becomes an owner of the property. However, arrangements vary, and ownership and mortgage liability are separate issues that should be understood before proceeding. This is not legal advice.
Whose income is used for affordability?
This depends on the type of mortgage. Some family-assisted arrangements may allow another person’s income to be considered, while other structures work differently. Lenders apply their own affordability assessments and eligibility criteria.
Find out how much you could borrow
Can parents help without being on the property deeds?
Some mortgage structures may allow family support without the supporting person becoming a joint owner, but this depends on the product and lender. Legal ownership, mortgage liability and tax consequences are separate considerations. This is not legal or tax advice.
Joint borrower versus guarantor
Joint borrower
Usually named as a borrower and shares responsibility for the mortgage, although ownership arrangements can vary.
Guarantor
Provides a form of guarantee or support under the particular mortgage arrangement.
Structures and terminology differ, and the actual mortgage documentation matters.
What information might be needed?
Requirements vary between lenders and product structures. Examples can include:
Can a mortgage adviser help with family-assisted borrowing?
An adviser can help identify mortgage structures and lenders that may consider the circumstances within the scope of their service and explain relevant mortgage requirements. The supporting person may need their own legal or other professional advice depending on the arrangement. Mortgage acceptance is not guaranteed.
Frequently asked questions
What is a guarantor mortgage?
Who can be a mortgage guarantor?
Does a guarantor need to own a property?
Can parents help me get a mortgage?
Is a guarantor responsible for the whole mortgage?
Does being a mortgage guarantor affect your own borrowing?
Can parents use savings to help with a mortgage?
What is the difference between a guarantor and a joint borrower?
Could family help with your mortgage?
MortgageAdvice.co.uk can connect you with a selected mortgage adviser who can discuss your circumstances and mortgage requirements.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
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