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Guarantor Home Loans – Learn the Financial Implications of Becoming a Guarantor

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Guarantor home loan (also known as Family Pledge Finance) is popular amongst first home buyers. You may require a guarantor if you are looking at applying for a home loan and the lender/credit provider is concerned about the following factors:

1. You may not have saved the necessary 20% deposit to purchase your dream home

2. Your limited credit history, or

3. Your low-income

Definition of a Guarantor

A guarantor is best-defined as being a third-party (a family member or a best friend) who promises to provide payment on a loan or any other liability in the event of default.

By having a guarantor, you may be able to buy your dream home easily. Other benefits of having a guarantor can be:

>> Some lenders/credit providers will allow you to borrow 100% of the purchase price plus 5% costs of your first home or investment property without the need for proof of savings

>> You will save on the Lenders Mortgage Insurance (LMI) premium

The Impacts of being a Guarantor

Like many people, you may believe that your responsibility to being a guarantor is limited only to ensuring that your family member or best friend pays the debt on time. However, as a guarantor you are not only bound to pay the loan amount if the borrower defaults, but the transaction can have a negative impact on your credit score rating.

Have you been asked to be a Guarantor for a Loan?

If you have been asked to be a guarantor for a loan to support a family member or best friend, do not take tension. Before, you feel weighed down by the obligation to become a guarantor, you should consider what you will get out of the arrangement given that you will be responsible for repaying the loan if the borrower fails to repay the loan. Because, as a guarantor:

>> You are liable in the event that the borrower will fail to repay their loan

>> You may be required to service the portion of the loan that you have placed a guarantee for, in the event of a loan repayment default

>> You can lose your house in the event of default by the borrowers

>> You can provide either your owner occupied or investment property as security

>> You may have to refinance your existing loan to provide a guarantee to the borrowers, and lenders/credit providers will then have to undergo a full assessment of your financial position

>> You may find that some lenders/credit providers will not accept second mortgages as security for the guarantee

As part of the lenders/credit providers’ requirements, guarantors will be asked to seek independent legal and financial advice. So, contact a reputed and experienced finance brokerage firm before becoming a guarantor. It will analyse your situation and help you in making the right decision.

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London College Student Been Mugged off $98k Bitcoin (BTC)

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London College Student Been Mugged off $98k Bitcoin (BTC)
  • A London college student gets robbed off $98K worth Bitcoin (BTC).
  • A gang of eight gangsters robbed the student threatening him with knives.
  • Despite such hideous crimes, the police failed to capture the thieves. 

This piece of news is quite an interesting one, but not to offend anyone though. However, it’s vivid that all crypto related crimes are usually cyber ones, but this is the first time as a writer I am coming across a live one! 

About the start of this year, a freshman got mugged at knife point by a gang of eight thieves. True to the fact, these thieves were not after money or other assets, but instead for Bitcoin (BTC). The incident took place at the University of Kent, London.

The BTC Mugging

A freshman was about to start his college in the University of Kent, full of many dreams and positivity. However, all his postivesness was short-lived. About, just 5 days remaining for him to start his course, the freshman was talking to one of his school friends about cryptocurrency and other such related stuff.  

Furthermore, at the end of the conversation, the school friend said a few of his friends from East London will be visiting him soon. In spite of this, the freshman got quite suspicious and scared. 

Moreover, the very next day, a gang of about eight anonymous people came to his dorm room. In addition, all had knives with them and threatened the freshman to reveal his crypto wallet passwords and wallet addresses. 

As a result, terrified by the act, the freshman handed over his passwords and wallet addresses. Once the thieves got what they wanted they left immediately and along with them BTC worth $8.2K. 

Despite all these events, the freshman ran out to the camp security , then the police who however did not arrive at the scene though.

The Action of Police

In spite of this whole incident, the mother of the freshman expressed her agony. The mother reveals that no proper action was taken by the police and the police did not arrive at the crime scene that day. 

In addition, the mother claims that the University of Kent took no proper action, and just simply shifted the dorm room of the freshman to a more secure campus. 

Furthermore, it’s been about nearly eight months since the incident happened. Yet, the police too have not concluded anything on the case. Also, at present the case has been closed without any consent. 

Moreover, now the value of BTC lost by the freshman accounts to about more than $98K.

In spite of all this, the mother of the freshman warns other parents and fellow freshman students that this practice of mugging freshman , known as the ‘Fresher’s Fishing Week’ is profuse in London. Freshmen in London have to be safe and secure during those times!

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GoldFinX (GIX) Skyrockets 1674% In A Day After New Partnerships

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GoldFinX (GIX) Skyrockets 1674% In A Day After New Partnerships