What if my guarantor moves property or starts going into rented accommodation?

Your guarantor will need to be a homeowner at the point you complete your application. If the check comes back that they’re not a homeowner, we wouldn’t be able to pay out the loan. If their name is still on the mortgage, that's good enough for us to accept, even though they don't live there anymore. When you complete your application, make sure you provide your caseworker with both addresses. Put the address of where they live on the form and in the online application, and give the address of the property they own to the caseworker when they call to confirm your information. If you don't do this the check will be carried out on the property they're renting and they'll be declined.

We would ideally want your guarantor to be a homeowner for the full duration of your loan term, but obviously things change. The important thing is that your guarantor understands that they are responsible for the loan, as much as the applicant is, and that they're happy they can afford the repayments. If their situation is unstable with their change of personal circumstances, I would recommend that you try and find another guarantor.