Guarantor Mortgage on a Flat
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Guarantor Mortgage on a Flat
Sam Bull is here from JB Mortgages to explain how a guarantor on a flat works.
Can I get a guarantor mortgage to purchase a flat? How does it work?
Yes, you can get a guarantor mortgage on a flat. We would carry out a fact-find with the main applicant and also ask about the guarantor.
Once we’ve got all the information about income and expenditure, we’d be able to confirm the maximum amount you can borrow together. We’d give a mortgage recommendation and confirm what terms it will be on. Guarantor mortgages can be used to purchase a flat or any other property.
What are the requirements for a guarantor on a flat? How do you qualify for a guarantor mortgage?
Mortgage lenders’ criteria for guarantor mortgages do differ, but the main factor usually revolves around the size of the mortgage they can get.
This will take into consideration the guarantor’s age, income and current committed expenditure. That’s the main consideration with guarantor criteria.
Will I be able to borrow more to purchase a flat with a guarantor mortgage? What deposit will I need to purchase a flat with a guarantor?
Applicants can usually expect to borrow around 4.5 times the guarantor’s income. The guarantor needs to show that they can cover the full mortgage in their sole name, so this will take into account all their existing commitments.
Lenders look at their current mortgage and any loans, credit cards and general day to day expenses. The guarantor needs to show they can afford that as well as the new mortgage.
Although the total borrowing might be 4.5 times their income, it still includes any existing commitments they have. For a guarantor mortgage on a flat, lenders usually require a minimum of a 10% deposit, albeit deposit levels do vary from lender to lender. It may be 10% or even 20%.
Can you get a 100% mortgage on a flat with a guarantor?
Although the majority of mortgage lenders will request at least a 10% deposit when buying a flat with a guarantor, some can offer 100% mortgages on certain schemes.
For example, some lenders allow the guarantor to put the equivalent of a 10% deposit in one of the lender’s savings accounts. That 10% allows the guarantor to proceed with a 100% mortgage.
Other lenders allow the guarantor to secure a 10% charge against their own property and again use that as the deposit instead of cash. So there are certain schemes available which may apply, depending on the guarantor’s situation [information correct at the time of recording in June 2025].
What documents should I provide for a guarantor mortgage on a flat?
This would just be the typical documents for any mortgage application. The only difference is that we’d need documents for both the applicant and the guarantor.
Documents will include proof of income, proof of deposit, bank statements for three months, proof of ID and proof of address.
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Everyone’s different. You might be self-employed. You might have some credit history issues – whatever your situation, we will find the most suitable product available to you from across the whole market.
Who can guarantee a mortgage on a flat?
Mortgage lenders usually need the guarantor to be a close family member. Often that means a brother, sister, parent or close guardian.
What if I have bad credit? Can I still get a mortgage to purchase a flat?
The majority of mortgage lenders who allow guarantor mortgage applications on flats would require applicants to have a clean credit history.
If any applicants have had issues with credit history, we would request a copy of the applicant’s credit report. Depending on what the bad credit is, some mortgage lenders still may lend. Key factors are what happened, the sum involved and how recently it was registered.
How does remortgaging with a guarantor work on a flat? What’s the process?
When we’re looking at remortgaging a guarantor mortgage on a flat, we’d first of all bring the client’s file up to date, updating their employment, income and expenditure.
If the client has had an increase in income, for example, we may arrange a remortgage to remove the guarantor altogether. This would usually provide more options to the client.
If there hasn’t been any change to income, we’d still bring the file up to date and review the whole market, including the existing mortgage lender’s product transfer options. We’d make a suitable recommendation for their remortgage.
What are the benefits and risks of a guarantor mortgage for a flat?
The main benefit of a guarantor mortgage is that the applicant can potentially gain a higher mortgage amount than with their salary alone. The main risk is to the guarantor, because if the applicant doesn’t pay, the guarantor would still be liable for the whole mortgage. Any issues with repayment could affect their credit file.
How do I get a guarantor mortgage to purchase a flat? What’s the process? How long does it take?
The first part of getting a guarantor mortgage for a flat is the same as with any mortgage. We’d arrange an initial appointment to conduct a full fact-find, both with the applicant and the guarantor.
We’d collect information about income, expenditure and mortgage requirements. We’d get copies of credit reports and then make a suitable mortgage recommendation.
If a client is happy with that recommendation, we’d get it agreed in principle, which involves initial credit checks. That can take up to 24 hours. Assuming there are no issues with credit history and the client is happy to proceed, we can submit the full application.
It usually takes around two weeks for the full application to be approved by the lender. That will include the lender checking through all the paperwork and arranging a valuation of the flat.
How can a mortgage broker help with a guarantor mortgage on a flat?
It’s always best to work with a mortgage broker when looking to get a guarantor mortgage for a flat. A broker will have full access to the market and make a suitable recommendation – hopefully for a product that makes it affordable to buy their home.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
