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    Guarantor Mortgage - Anyone have one or is the guarantor?

    Hi

    Guarantor Mortgage

    Anyone have one or is the guarantor?

    3 Comments

    I have not signed up as the guarantor yet, but I believe Cheltenham and Gloucester BS (via Lloyds TSB) do offer that type of mortgage. There may be something on the web site?

    The c+g one is called lend a hand. The parents put 20% into a 2 year fixed bond and 5% straight into the property. After the 2 years the 20% can be released (including interest) and the owner is free to remortgage. The bond is obviously secured so should the owner miss a payment or end up in serious negative equity.....bye bye 20%!!

    gbspurs

    The c+g one is called lend a hand. The parents put 20% into a 2 year … The c+g one is called lend a hand. The parents put 20% into a 2 year fixed bond and 5% straight into the property. After the 2 years the 20% can be released (including interest) and the owner is free to remortgage. The bond is obviously secured so should the owner miss a payment or end up in serious negative equity.....bye bye 20%!!



    This isn't quite the same as a guarantor mortgage, it's a way to get a 95% mortgage.

    When acting as a guarantor for someone you would be required to pay the mortgage payments if the original borrower doesn't pay. OP - drop me a PM if you have any specific guarantor queries and I'll do my best to help (I'm a mortgage underwriter BTW - it's as glamorous as you'd expect!)
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