Covid 19 Status

In line with HM Government requirements to fight the spread of Covid-19 we have measures in place to ensure that we protect our staff, their families and the wider community, but also to ensure that there is minimal disruption to our customers.

Your access to online Multi Agency Credit Reports, Expert Help and Account Management remains unaffected. We take great pride in the support that we provide to our customers and throughout this period will do all we can to minimise the impact on our services. While the country remains in lockdown we will continue to support your queries via a dedicated and experienced team that will be securely working from home, and supported by a Management Team that will continue to be based at our head office and who will be able to provide customer support as required.

The security measures that we have in place to protect your Personal Data, in line with our Privacy Policy, will mean that some elements of our personalised support are affected during this period as our support team will be working with anonymised data when working remotely. Freephone access to our Credit Analysts has been removed during this period while we focus our efforts on continuing to reply to all of your emails and secure messages within one working day.

Thanks for your understanding, and we hope to have full customer support available as soon as possible and wish you well during these challenging times.


What is a Guarantor?

A Guarantor is someone who agrees to pay a loan or routine payment (e.g. rent) on your behalf if you miss a payment. This person is usually a parent or relative- someone close. If they do have to pay, they acquire rights to sue you to reclaim their losses.

If you are having trouble finding a loan provider or mortgage lender willing to lend as much money as you need (either because your salary is low, you already have a lot of debt or you’re buying property in an expensive area) you might find they become more amenable if you can provide a suitable Guarantor.

Once the deal has been signed, a Guarantor is legally-bound and they can be made to pay out at any time during a mortgage or loan term even if it means selling their own home. For that reason it has come under a lot of scrutiny recently and has become subject to tighter regulations, with affordability assessments now needed to be carried out on Guarantors to ensure they can cope with the additional burden.

If you are thinking of agreeing to be a guarantor, think carefully. Unless you are very, very sure of the person you are being asked to guarantee, the best advice is to stay well clear.

Q: What is required to be a guarantor?

A: To be acceptable to a lender, a Guarantor must prove they can handle the additional cost of the loan (should the borrower miss payments) on top of their current monthly obligations and expenditures.

Q: Is it easy to stop being a Guarantor?

A: The lender is unlikely to agree to release a Guarantor from an agreement unless the borrower finds an acceptable replacement, or their salary or the value of their property has risen significantly.

Q: Does being a guarantor affect my ability to apply for credit?

A: It can. Once you agree to become a guarantor for someone, their loan/ mortgage repayments are factored into your affordability too. In essence your new lender will be asking ‘can they afford their current payments, to cover someone else’s loan and our extra repayments combined?’

Jargon Buster

Use the links below and the resulting list of terms on the right to locate the term you are looking for. If you can't locate it, please get in touch.