Becoming A Guarantor
What do you need to consider if you're thinking about helping family buy their first home?
What does it mean to become a Guarantor?
A guarantor is someone who agrees to be responsible for repaying a debt owed to a lender for a loan provided to another individual or business, if the borrower can’t make their repayments. A guarantor supports the loan by providing lenders with additional security such as a property they own. By providing a guarantee, lenders may lend to the borrower in situations where they may not have been able to secure the full amount on their own.
There are a number of important points to consider when you choose to become a guarantor. If you choose to provide a guarantee, you’ll be signing a legal contract in which you agree to repay the home loan if the borrower can’t meet the repayment terms and conditions of their loan contract.
This is an important decision to make and therefore you should consider it carefully. Each and every year the team at Time Home Loans help hundreds of home owners just like you make smart moves when it comes to property.
Before you offer to help, contact the team today and experience firsthand what know-how, service and a commitment to excellence can do for you and your family.
