{"id":301315,"date":"2025-07-29T13:38:27","date_gmt":"2025-07-29T13:38:27","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/301315\/"},"modified":"2025-07-29T13:38:27","modified_gmt":"2025-07-29T13:38:27","slug":"money-blog-age-group-that-will-be-most-affected-financially-if-government-changes-state-pension-age-early-money-news","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/301315\/","title":{"rendered":"Money blog: Age group that will be most affected financially if government changes state pension age early | Money News"},"content":{"rendered":"

Every Tuesday, we get an expert to answer your financial problems or consumer disputes – you can\u00a0<\/b>WhatsApp us\u00a0here<\/a>\u00a0or e<\/b>mail moneyblog@sky.uk<\/b>. Today’s problem is…<\/b><\/p>\n

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Is there an alternative to guarantors for someone wanting to rent? I don’t want to be my brother-in-law’s because my mortgage is due for renewal, but he’s been sleeping on an airbed in my home for nine months after being made homeless and he needs to go.
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DeJb<\/b><\/p>\n<\/blockquote>\n

Hi Dejb. My grandfather would often say the proverb “guests, like fish, begin to smell after three days” – I’m not sure what he would say after nine months.\u00a0<\/p>\n

It’s especially tricky when it is family, so I’m going to first look at what the alternatives are to you being a guarantor and then I’ve got some expert advice on the impact it could have on your mortgage process if you did have to go ahead. <\/p>\n

Alternatives to being a guarantor<\/b><\/p>\n

I’m going to first assume your brother-in-law isn’t a student, because there are some university guarantor schemes available if he is. I’m also going to assume he is not a care leaver, but if this is the case there are also some alternative schemes he may be eligible for.<\/p>\n

You could suggest he pursue a private guarantor scheme (such as Housing Hand or UK Guarantor) – they offer to act as a guarantor for working professionals and students in return for a fee. However, they may also ask for a co-signer, but this doesn’t necessarily have to be you. The difference here is that private guarantor companies don’t usually credit check a co-signer. Someone who may not have been eligible to be a guarantor could be accepted, so he could ask another member of the family.<\/p>\n

You could also suggest he ask the landlord to waive the need for a guarantor by offering a larger deposit, or some months’ rent in advance. This may give them a sense of security and mean they are willing to overlook having a guarantor. The best thing to do would be to speak to the landlord directly to see what they would need to make them comfortable to proceed without a guarantor.<\/p>\n

Get him to check with the local council – some offer rent deposit or guarantee schemes. I’d also suggest he reaches out to Citizens Advice or a charity like Turn2Us, which could help him find any local grants he may be eligible for. <\/p>\n

If he cannot find someone willing to overlook the need for a guarantor, he could pursue some kind of lodger-type agreement, where he would live with a resident landlord. They are often more flexible and don’t require a guarantor.<\/p>\n

David Hollingworth, director at L&C Mortgages<\/a>, has given some insight into the impact it could have on your mortgage application…<\/b><\/p>\n

It’s always worth considering any potential knock-on impact of being asked to act as a guarantor, whether that is for a family member’s mortgage, another loan or for a rental agreement.<\/p>\n

It may seem like a simple thing to sign an agreement to help out a relative that needs to secure a home. However, it could result in a liability and could ultimately see you paying the rent on top of your own commitments.<\/p>\n

If that’s the situation and you are already paying the rent then a lender will want to factor that into the affordability calculation. They may pick that up on your bank statements and as it’s an ongoing commitment will put a dent in the amount they may offer on the mortgage.<\/p>\n

Some lenders will ask about guarantor arrangements to understand whether there could be a liability in future, even if it’s not incurred currently. That could see them factor the potential need to cover the rent into affordability.<\/p>\n

This may not cause a problem, but it’s a good idea to shop around to find the right lender to meet your requirements.<\/p>\n

This feature\u00a0is not intended as financial advice – the aim is to give an overview of the things you should think about.\u00a0<\/b>Submit your dilemma or consumer dispute via:<\/b><\/p>\n