What’s the typical guarantor criteria?
This does vary from lender to lender, but typically this is as below:
- Aged between 18 and 75 years
- Valid UK bank account and debit card
- A permanent resident of the UK
- Be able to speak good English and prove they have understood their responsibilities as a guarantor.
- Good credit history
- Not be insolvent (in an IVA, debt management plan or similar)
- Have a provable regular income, whilst specific requirements change from lender to lender, this will include, pensions, benefits, self-employed income.
- Must be able to prove that the repayment is comfortably affordable if the applicant fails to make a repayment.