Mortgage default and personal guarantors

[23ashorwell]

I got a mortgage about 8 years ago, but it has started to become unserviceable. I've considered defaulting, but someone did go "guarantor" on the mortgage.

Can anyone tell me what my options are, and what kind of liabilities the guarantor might face if I do default?

 

[so-crates]

If someone has signed up as guarantor for your mortgage, it means they are fully liable for the mortgage if you cannot pay. I think you probably need to start by talking to your bank, you need to inform them of your current difficulties and work out an affordable payment plan. It would also be courteous to inform your guarantor of your difficulties as this could impact them severely.