The main point is that all guarantors must be homeowners so regardless of whether they have a great job earning thousands of pounds each month, the loan cannot proceed without the guarantor owning a property. Now they can live in rented accommodation as long as they own (a mortgage is fine) another property such as a Buy to Let but it is essential that they do have a mortgaged property.

It is also important that the guarantor has maintained their mortgage payments as it is unlikely that a guarantor will pass a credit score if they haven’t. So, getting a guarantor loan isn’t that difficult as long as you are aware of the main criteria points.

The fact that most people who apply for a guarantor loan in the UK have some sort of financial problem or element of bad credit only makes things worse, because these are the most vulnerable members of our society. Let’s face it, a guarantor loan is for people who have explored every other possibility of getting a personal loan and this is almost their last chance of getting a loan.

Some guarantor loan companies in the UK are charging upfront fees of £90! and there is no guarantee that they will be able to find a guarantor loan for the applicant. What a lot of applicants don’t know is that this upfront fee is non refundable meaning that even if the application doesn’t go through, they will still charge you a fee. Great! So not only do you spend almost £100, you also do not get your personal loan to wipe out your debts!

The other thing to ensure is that you check out who you are dealing with…a simple Google check on the company name will tell you all you need to know about companies offering a loan with a guarantor. Remember, check with them to see if the upfront loan guarantor fee is refundable if it doesn’t go through.

If you are looking for guarantor loans then ensue you do your homework first as it will pay off for you and your guarantor in the long run.