seanistaken
Registered User
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- 21
What are the potential implications of my being a guarantor for a 15k loan for a friend over a five year term?
About me: I have an excellent credit rating (I assume), 34 years old married, I have paid 2 car loans off, have paid a mortgage for the last 7 years, have a reasonable amount of savings and pay credit card monthly. No other debts.
If all went according to plan and the 15k was paid off in 5 years as planned.
How would it affect my financial status? Would it be taken into account if I wanted to re-mortgage to move house?
While failure to repay the loan is highly unlikely what are the potential implications if something goes wrong. What could go wrong apart from no-payment that I may not know about from minor or serious issues.
Also I would appreciate any advice or experiences relating to similar situations. Would a bank be likely to accept a friend as a guarantor?
Thanks Sean.
About me: I have an excellent credit rating (I assume), 34 years old married, I have paid 2 car loans off, have paid a mortgage for the last 7 years, have a reasonable amount of savings and pay credit card monthly. No other debts.
If all went according to plan and the 15k was paid off in 5 years as planned.
How would it affect my financial status? Would it be taken into account if I wanted to re-mortgage to move house?
While failure to repay the loan is highly unlikely what are the potential implications if something goes wrong. What could go wrong apart from no-payment that I may not know about from minor or serious issues.
Also I would appreciate any advice or experiences relating to similar situations. Would a bank be likely to accept a friend as a guarantor?
Thanks Sean.