Many people can be guarantors. Lenders have their own rules and guidelines, but usually guarantors will:
be over 21 years old
have a good credit history
have a separate bank account to the borrower – you may be able to guarantee a loan for a spouse or partner, but only if you have separate bank accounts
The lender needs to know the guarantor would be able to deal with any loan or mortgage arrears. Because of this, guarantors are sometimes asked to provide proof they’re in work or have sufficient assets (such as a property) to cover the full amount owed in the loan or mortgage. Being a homeowner often helps with the application.