"Why does there need to be anything in it for them ? If I want to change a legal situation then surely I can do that. I was wondering about the process. It seems to me that if I seek an order from a court to revoke the guarantee then the bank would look to call in the loan and seek possession of the property to recover their mortgage. I was wondering if anyone had experience of this.
I can enter a guarantee freely and as long as there is adequate security to cover the mortgage I cant see why the bank would hold me to the guarantee - they would simply repossess.
I am not trying to evade my responsibility as guarantor - circumstances have changed now for why the bank needed my guarantee so I dont need to be on hook for this currently."
I think you are missing the big point here. Being a guarantor is not something you can opt out of at will. The bank have no obligation to release you and a Court cannot compel the bank to release you.
As a guarantor, you are responsible for the repayment of the loan. You are legally committed to this and there is zero reason for the Bank to release you from this obligation. In fact, they would be foolish to release you - you may be able to exert pressure on the person you went guarantor for, to deal with the issue.
Repossession by the bank is a last resort. It would be far more cost effective for everyone if the borrower sold the house ( if that is possible) and was able to redeem the mortgage , which would mean that you were automatically released from your obligations.
mf