If you are concerned you cannot get the mortgage you want - due to a lack of money for the deposit, or a substandard credit score - you may be able to get an attractive deal with the help of a guarantor. A guarantor is a person who agrees to be responsible for the mortgage, or monthly payments, if you cannot pay. To act as a guarantor, they must allow the lender to hold a charge on their property that can be claimed (repossessed) if you do not pay. They must also put a security pledge in a savings account for a set number of years. A guarantor mortgage is a good idea if you want a home beyond your actual income, have a low credit score, are a first-time buyer, or have a small or low deposit.

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