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What is a guarantor?

A guarantor is someone (usually parents), who will guarantee to pay a mortgage if the borrower fails to do so. For first home buyers who struggle to meet the lending requirements, this may be the only way to buy a property.

Some lenders require the guarantor to provide proof that they can cover the mortgage repayments in the event of non-payment. Others ask that the guarantor can afford the shortfall between the size of the loan and the amount that the borrower can afford to pay.

Providing a guarantee is a big responsibility. If the borrower does not make all the repayments under the loan contract you will have to pay back the entire amount outstanding plus interest, charges and fees.

The guarantor should ask how the borrower intend to repay, for example, does the borrower have a regular source of income to repay the loan?
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