Can my wife be a guarantor for me?
chickenlittle (1 year ago)
She is under 70, gets paid over £800, is joint home owner with me and has no CCJs. However she has had a few missed(but not default) payments, would this stop her being accepted? The payments have always been paid within days, or does the fact that she missed a payment for any reason discount her? I know you say good credit history but no missed payments ever would surely be almost prefect/excellent history....are these the only people that can act as guarantors?
FLM Loans (8 mths ago)
When looking at guarantor suitability FLM Loans have to look at everything that appears on tyour potential guarantors credit file. Depending on what the missed payments were and when they were missed will affect their suitability.
We have no problem with partners being guarantors, they are one of the most popular groups of people who applicants ask. FLM class this as Co-habitation. There are a few different rules that apply though.:
- You as the applicant need to have good credit as well, because you may have finances that are shared. You need to pass our credit check, like the guarantor.
- You need to meet our disposable income crieteria. We may request proof of this. This can be in the form of a bank statement, pay slip etc.
- You must both provide different bank accounts.
Comments (2)
FLM Loans (12 mths ago)
Your guarantor can't have the same account as you for making payments on this loan. If you missed a payment, then we wouldn't be able to collect the payment from you because you have the same account. You can have a joint account with your guarantor, as long as those aren't the details you use for the loan.
dave123 (12 mths ago)
have joint accounts how strict is this rule?