What does Mortgage Guarantor mean?

A mortgage guarantor is what a lender sometimes will require, especially if he considers that you are liable to default on your payments because your income is too low or any other factors hat he may consider as being potential hinder factors. Most of the times the parents become guarantors for their children over the mortgage period, although it is not unusual that close friends may also become guarantors.

The lender always makes sure that the guarantor has a very good financial background, so that in case you default on your payments he will be able to pay back your debt. Bear in mind that it is a huge responsibility one puts over the head of relatives or friends by accepting someone as guarantor, therefore if you feel unconfident towards the affordability of these mortgage repayments, then you should not step on to accepting a guarantor.