Who can I use to be my guarantor? - FLM Loans Answer Centre

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Who can I use to be my guarantor?

by JO3Y90 on Thu Apr 22nd, 2010 11:30 am

I like the idea of using a guarantor but what does my friend have to be to be a guarantor?

by Jon Newman last updated 62 days ago.

Before you choose a guarantor, make sure they meet the following.

IMPORTANT - We cannot be flexible with any of these points. If you send in your application and your guarantor doesn't fit into one of these areas, we wont accept your application and you will have to start all over again.

1. They must be a UK homeowner If their mortgage is paid off, they may need to provide proof of ownership.

2. Between 23 and 70 years old We will not be able to accept guarantors over 70, regardless of their income or credit history.

3. Have good credit history Have they missed any payments, do they have any defaults or CCJs? If so, dont use them, we'll only turn them down.

4. Earn at least £800 per month from a job, pension or benefits

5. They are not a guarantor for someone else’s FLM loan Are they already a guarantor for someone else's FLM loan? If they are, you can't use them. Not fair to expect them to cover two loans at the same time.

With all guarantors, we need to do specific checks to make sure they meet all the criteria that we set down. It would be quicker for you to double check the above 5 things with your guarantor and then submit your application rather than posting up a comment to this question about somebody specifically.

Again, we cannot make any exceptions. Please do not waste your time by choosing a guarantor that we won't accept, it will just take longer to get the money you need.

To find out how to find a guarantor Click Here.

Comments

by cromby.1 124 days ago.

I have a friend can they be a guarantor for my loan? they are on a very high wage and live with me.

by Jon Newman 124 days ago.

Hi, well done for finding someone. I'm afraid the guarantor you choose must be a UK homeowner; we cannot accept tenants, regardless of their income.

by Guest 124 days ago.

MY MUM IS WILLING TO BE MY GUARANTOR SHE IS A UK HOME OWNER . SHE WAS WIDOWED NEARLY 2YEARS AGO SHE HAS A VERY GOOD CREDIT CARD LIMITED AND LIVES COMFORTABLE WITH THE INHERETANCE THAT MY FATHER HAS LEFT FOR HER SHE IS 56 YEARS OLD AND NOT IN DEBT AT ALL. SHE RECIEVES INCAPACITY BENIFITS PLUS HERE MONTHLY INCOME FROM HER FINACIAL ADVISOR . WILL THIS BE GOOD ENOUGH FOR A GUARANTOR

by Roxane Tizzard 124 days ago.

Hi, that guarantor should be fine. They are a homeowner, they have a good income, they're between 23 and 70 and they have a good credit history.

The next stage for anyone who has found a guarantor is to get the signed forms back to us as soon as they can. You can upload your forms by logging in and going to section 6

by kecka86 124 days ago.

Hi i have found my guarantor now, they are a homeowner but do not live in the home they own. Is this still ok? There family live in the home they own but they recently moved out of it. Does the home owner have to live at the home he owns or will this situation be ok?
Thanks

by Jon Newman 124 days ago.

Hi Kecka86, the guarantor does NOT need to live at the property they own. When the caseworker gets in touch you will need to provide them with the address of the property they have the mortgage on.

by russel.jones1 124 days ago.

I can't find a garantour but i have taken out a policy of loan protection that will pay £500 a month if i became uneployed injured or sick does this help

by Jon Newman 124 days ago.

Hi Russell, we wouldn't be able to accept this, anyone applying for an FLM loan will have to supply a guarantor that fits the criteria stated above.

by stacey leanne 123 days ago.

just yesterday i received a telephone call from one of your people and he said we do not need any payments or bank details from your guarantor! Is this correct as i noticed that it said in my profile that there was no bank details of my guarantor. please do let me know A.S.A.P
THANK YOU VERY MUCH stacey leanne cliffe

by Roxane Tizzard 123 days ago.

Hi Stacey, you may have been told that we do not require a bank statement for your guarantor, but we will need their account information because we pay the loan into your guarantors account. If you go back to your profile and update this information, it will save time when we come to pay out your loan.

by jane221 123 days ago.

hi i have found a guarantor but its my brother in law and he lives in swansea can i use him

by Jon Newman 123 days ago.

That will be fine Jane. As long as they are a UK homeowner, with a good credit history and are between the age of 23-70, we can accept them, it doesn't matter where they live.

by misty 123 days ago.

Can I have my husband who is a homeowner but has a ccj as a guarantor?

by Jon Newman 123 days ago.

Hi Misty, brilliant that you were able to find a guarantor, but your husbands CCJ will mean that he'll fail when we check his credit. We can only accept guarantors who have a good credit history. What you'll have to do is find another guarantor.

My advice to you would be to write down all the homeowners you know then work your way through, checking them against our guarantor criteria.

Here's a reminder of the criteria.

1) They must be a UK homeowner
2) They must be between 23-70 years of age
3) They must have a good credit history
4) They just earn over £800 from any income
5) They CANNOT be a guarantor another FLM customer

by Alexina 123 days ago.

hi i applied for a loan but as i do not want my friends to know about my situation i will not be going ahead with the loan which i really could have done with yours sincerely Alexina Findlay

by Jon Newman 123 days ago.

Hi Alexina, I can't really advise you on who exactly to ask to be your guarantor, because I don't know your friends. But after working here for 5 years I've learned that the main problem that most people have is being embarrassed to ask for help from someone. The best way to think about it is that you are just looking for someone who trusts you and knows 100% that you are stable enough and reliable enough to pay off the loan. Try looking at it from that viewpoint instead of thinking who you're comfortable asking.

Sit down and make a list of everyone you know and think about how much each of them trusts you.

by jfo_makikit9 123 days ago.

hi i have managed to get a guarantor only problem is they are not a home owner but they are working and are willing to help me
or it possible my Manager to be my Guarantor...?

by Roxane Tizzard 123 days ago.

Hi jfo_makikit9, your guarantor does have to be a homeowner, we can't budge on this.

If your manager is a homeowner, they will be perfect. Employers are one of the most popular choices because they know exactly how much you earn and will understand that you can pay it back. Dont forget to check them against the criteria listed at the start of this page.

by steveh 123 days ago.

hi my mother is ok with being my guarantor but only receives incapacity benefits, will this be ok?

by Jon Newman 123 days ago.

Hi Steveh, yeah your guarantor can be on benefits, as long as they have £800 coming in each month.

by chris regis 123 days ago.

hi i have a guarantor who is a company director owns property with credit card but does not have a mortgage will this be acceptable

by Jon Newman 123 days ago.

Hi Chris, if your guarantor has paid off their mortgage, that's not a problem. We'll always look at monthly mortgage repayments to prove they own the home, but as long as they're on the land registry, it’ll be fine.

by moly786 120 days ago.

Hi i have found a guarantor however they are aged 68, but im not 2 sure what their income is from benefits but they do have an excellent cedit history would this be adequate?

by Roxane Tizzard 120 days ago.

Yeah that's fine. Remember, this is the criteria, anything other than this is a no go and they will be declined.

Good credit history (obviously no missed payments, no defaults, no CCJs)

UK homeowner (there is no way around this, at all. If you want the money find a homeowner guarantor)

Aged 23-70 (under or over, no good)

Earn £800 (from any source, doesn't matter if it's benefits)

by nat100 120 days ago.

Hi,

Can I use my partner as guarantor? Both of us are homeowners of the same property. He has not missed any payment and he earns approx. £800 from his part time job. What proof do you need for income?

by Jon Newman 120 days ago.

Yes you can, that's fine. But if you're co-owners you're going to both have to have a good credit history to be accepted.

by suz 120 days ago.

hello i was talkin to one of your people and they said if i apply for a flm quick the guarantor doesnt have to be a home own is this correct??

by Jon Newman 120 days ago.

That is correct. Our sister company, FLM Quick require a guarantor but they don't have to be a homeowner. The reason being is that they only lend between £50-£500.

If you're interested in this by can apply by going to www.flmquickloans.co.uk

by Clare 118 days ago.

I am trying to find a guarantor, they might be one solution, they are a homeowner, but are retired now, can this be fine.

Thanks

Clare Gibson

by Jon Newman 118 days ago.

Yeah, that's fine. As long as they're not over 70 years of age you can use them as your guarantor. It doesn't matter that they're retired.

by emz 118 days ago.

My mum is a houseowner and also earns over £800 per month the only problem is her mortage comes out from 1 account and her wages go into another account how would this work? please help me

by Jon Newman 118 days ago.

That's ok as long as both accounts are in her name. Your caseworker will need to prove your Mum owns her home. They do this by looking for monthly mortgage repayments from the account. They also need to prove her income. They do this by checking the account her wages get paid in to. Your Mum will have to give the caseworker information for both accounts.

by natalie 117 days ago.

i have found a guarantor but the only thing is they use my bank details cn i still use them

by Jon Newman 117 days ago.

No, the guarantor you use will have to have their own bank account with a debit or credit card, they can't share yours.

The reason for this is that we need to be able to take the repayment from them should you not be able to make it for whatever reason.

by barracuda1712 114 days ago.

Hi

I have a current loan and have applied for a top-up. My current Guarantor is my mother and I wish to keep her as the Guarantor but on the new application form it states the Guarantor needs to be between 23-67 is this correct as all your answers above state 23-70 years of age. My mum is now 69 but was 67 when we took out the original loan. No other circumstances have changed and she is still willing to be Guarantor.

by Jon Newman 114 days ago.

We can accept guarantors up to the age of 70 so your Mother will be fine. We have recently changed the rules and are in the process of changing the forms. Thanks for the heads up.

by laura 1503 111 days ago.

My mother has agreed to be a guarantor for me, she is a homeowner in ireland, she has a good credit histroy also would this be acceptable?

by Jon Newman 111 days ago.

If the guarantor is a homeowner in Northern Ireland then that is fine. I'm afraid we wouldn't be able to use them if they live in Southern Ireland.

by scottie 76 days ago.

My Dad will be guarantor but lives in france,he has had mortages but not sure if he has one still will he be ok.

by Roxane Tizzard 76 days ago.

Hi Scott, all of our guarantors need to be UK homeowners and currently residing in the UK. Check out the guarantor criteria question if you need some help.

by Dazbo G 75 days ago.

Hi I have found 2 possible guarantors, they are both UK homeowners, 1 is retired and 61 years old and has a good income from their pension over £800.00 a month and owns their home outright, the 2nd is on benefits again income over £800.00 a month but has a mortgage can I use either 1 of them.

by Roxane Tizzard 75 days ago.

As long as they meet all of the criteria that we have set down, and pass all of our checks then they could be suitable.

by Kobz 75 days ago.

hi i have found a guarantor which is my mom but she has bad credit will that be ok? as i cannot find any other guarantors who are homeowners.

please help

by Roxane Tizzard 75 days ago.

One of the main criteria of being a guarantor is that they have to have a good credit history. If your potential guarantor has a bad history, they will not be suitable.

by mark23 68 days ago.

hi, i have a guarantor my girlfriend she lives in council house has good credit and is 40year old is that okay

by Roxane Tizzard 68 days ago.

All guarantors have to be UK homeowners. They cannot be renting a property either privately or through the council.

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