Can a guarantor be self-employed?

Melanie (1 year ago)

My guarantor meets all of the criteria but he is self-employed - will he be accepted as a guarantor?

FLM Loans (5 mths ago)

Yes, your guarantor can be self employed. It doesn't matter what source of income a guarantor has, the important thing is that they can afford to cover the monthly repayments should you need to call on their help.

As long as your guarantor is earning at least £800 per month, or has £150 left after their monthly expenses (like mortgage, bills, other the loans), then FLM can accept them.

Comments (2)

Mike40 (1 year ago)

When you say net £150 I thought it had to be net £150 anyway after mortgage and loans and cards or does that £150 also include household bills?
If the guarantor is married and his wife has an income would you split the monthly payments?

Thanks

FLM Loans (1 year ago)

Basically we need to know that the guarantor will be able to cover the monthly repayment if the applicant can't. Guarantors need to have at least £150 available after all their other monthly outgoings.

We cannot take a partners income into account, but if they share the monthly bills or outgoings, we can get the guarantor closer to the minimum affordability.


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