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Ex Husband as Guarantor?

  • Fourpaws
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26 Jun 12 #339388 by Fourpaws
Topic started by Fourpaws
Hi, does anyone know if my husband can act as guarantor on my mortgage post divorce? I have had conflcting advice from IFAs - some say the guarantor has to be a relative, other say not?

Any help very much appreciated.


  • Fiona
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26 Jun 12 #339389 by Fiona
Reply from Fiona
Are you taking on the existing mortgage?

  • Fourpaws
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26 Jun 12 #339392 by Fourpaws
Reply from Fourpaws
Hi Fiona,

No we are selling the FMH and I will need a mortgage for a new house. I am a stay at home mum with 3 children under 5, but will be returning to work when the children are older. In the interim I am likley to receive a decent amount of maintenance.

I will have approx a 70% deposit. If there are no mortgages out there which will accept him as a guarantor, I think my option would be for him to buy the house and put it in trust for me? Do you think this is right?

Thanks so much for taking the time to read and respond. :)

  • LittleMrMike
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27 Jun 12 #339418 by LittleMrMike
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Hmmm - well, I don''t know if there is any restriction in law on having a guarantor who is not a close relative ; but really, would you want to guarantee the debts of a total stranger ?
I am pretty sure the Court does not have the power to order an ex husband to guarantee the debts of his ex ; although, as many wikivorcers will tell you rather ruefully, they find themselves in the position of being, in effect, forced to act as guarantors where the former marital home has been transferred to the wife, but the husband used to be an owner or joint owner and remains liable on the mortgage.
I have to say that I think 70% is a pretty comfortable deposit and a lender ought to be amply secured, but maybe that''s not your problem really. The difficulty is that many lenders are very wary of accepting borrowers whose income consists substantially of maintenance because, in these straitened times, maintenance can be insecure. I believe that there are certain lenders who are more willing to lend to ex wives than others but I don''t know who they are. A broker might though.
But it may be an option for you nevertheless. Another option, which may or may not be available, could be part buy, part rent. In my area that is a definite option but it may perhaps not be one where you live. You have a large deposit to put down so you don''t need a mortgage and you can get help with the rental element, if need be, through social security. Of course, come to that, you can with mortgages too, but you may ( and probably will ) need to take out some form of insurance to cover your payments for a time if maintenance dries up temporarily or permanently.
For the record, I do not think that the idea of having the house in his name is a good one and I wouldn''t advise it.

  • cookie2
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27 Jun 12 #339448 by cookie2
Reply from cookie2
I don''t know if it''s possible but if my ex wife asked me to be a guarantor on a mortgage I know what my answer would be. Not just no but HELL NO!

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