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Mortgage Guarantor
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A Mortgage Guarantor is a person who will guarantee that the mortgage repayments are made in the event of default by the borrower.
Usually this will be a parent or relative of the borrower. It should be remembered that a guarantor would be fully liable for repayment of the mortgage amount if a borrower defaults. The guarantor should therefore be confident that the borrower will meet all the necessary monthly payments.
Last Updated: January 2008 © Moneyextra.com
Our senior editor Robin Amlôt recommends you should consider taking independent financial advice before acting on any article. Please contact us for help with your individual circumstances if any assistance is required.