Guarantor

[dani]

My partner has been offered a 100% mortgage but needs a guarantor . The only person he knows that can do this is his Gran who is circa 82-83 years of age . Will he be able to use her as a gurantor for his mortgage or is their a cut of age

 

[purplealien]

I presume there is a cut off age because the whole reason for having a guarantor is if you get into financial trouble, the guarantor would have to take on the payments for you.

 

[snuffle]

I doubt he would be able to use his gran for this as the guarantor needs to be able to prove they have sufficient income to service the mortgage should your partner for some reason be unable to, unless she is extremely wealthy and has assets she can use to finance the payments.
once you hit 65 and are on a pension most banks won't accept this as sufficient income.