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| Explain... | Guarentor Mortgage |
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A Guarantor mortgage would ask a blood relative, usually parents, to guarantee to pay a mortgage if the borrower fails to do so. Some lenders require the guarantor to provide proof that they can cover the mortgage repayments in the event of non-payment. Others ask that the guarantor can afford the shortfall between the size of the loan and the amount that the borrower can afford to pay. |
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