Guarantor

A person who promises the lender she or he will repay a debt if the principal debtor defaults.

A guarantor will be requested if the clients who apply for a mortgage are unable to obtain financing by themselves. Circumstances where this could happen would include: insufficient employment history, poor history of debt repayment or un-confirmable income (see application process). The guarantor becomes part of the mortgage application / approval process. The guarantor will have to disclose his or her assets & liabilities, income, and have a credit check done. The total ‘picture’ of all applicants is considered by the lender.

 

Special conditions apply. Rates subject to change.