Help Your Kids To Purchase
Entering the property market is no easy feat for a first homebuyer, but parents who aren’t prepared to hand over cash for a deposit may help by being a guarantor on a loan. Before taking the plunge however, it’s crucial to be aware of the implications involved. Here are three questions to ask yourself to see if a family guarantee is right for you:
Am I financially fit to be a guarantor?
The very first thing you should be certain of is whether or not you are in a financially capable position to pay off the guaranteed amount of the loan if the borrower finds that they can no longer do so.