Quote:
Originally Posted by BAIDS
a moron friend of mine wants to act as guarantor on a flat for some stupid unreliable woman that he barely knows but wants to ****, he says oh being a guarantor is normal everyone does it
1) confirm to me that its not normal, 2) give me some idea of how much £ he might be on the hook for and 3) gimme some guarantor horror stories if you have them so i can tell him what he's possibly letting himself in for
1) Absolutely not normal. There is a lot of pussy in the world, there is no need to sign your life away for it, especially when you probably won't get it anyway.
2) I don't know the ins and outs but whatever they manage to sell it for less the amount of the mortgage, at a guess. It depends on how much prices move but whatever happens, he is an imbecile and has a brain the size of a walnut.
3) Google is probably your friend here but she only needs a guarantor because she isn't creditworthy. She gets all the upside where as he wears the downside if the arse falls out of the market and she can't afford the repayments. Plus he won't get any play, no matter what happens.