The best person to be your guarantor is someone that you know, trust and are in regular contact with. Above all, they need to be someone with a good credit history, stable income and employment and be able to cover costs if you cannot.
Whilst the main borrower’s details are taken into consideration, it is assumed that they have a credit score that is below average – so it is really the guarantor’s details that a lender will take into account.
Therefore, if you have a guarantor who has a good credit score which is backed up by a history of paying loans and other forms of credit on time, it will give the lender confidence that they will be able to loan you money and get their money back.
The most successful guarantors are:
A family member, sibling, spouse or close friend
Someone with a good credit rating
Someone who is employed with a regular income
Someone who wants to support you and help with your finances
Someone with a permanent address in the UK
Someone over the age of 25
A homeowner (although tenants and those living with friends are acceptable)