You have done all the hard work and saved a healthy deposit for your new home to learn you cannot get the mortgage you need because your income does not stretch to meet the lenders standard affordability criteria. It is a common occurrence and lenders recognise this dilemma which is why ‘guarantor mortgages’ were introduced.
A guarantor mortgage works in exactly the same way as a normal mortgage. The only difference being if you cannot meet the mortgage repayments the guarantor becomes responsible for the debt. The lender will need to see evidence the guarantor can afford their own commitments as well as repayments on the guarantor mortgage. In some instances the lender may also want to take a charge on the guarantor’s property.