There are times when you can change your guarantor 👍
- Before the loan has been paid out – most lenders will allow this
- You need to contact your lender straight away to discuss this with them.
- Ther new guarantor will need to meet their guarantor criteria.
- After the loan has been paid out – only in very limited circumstances
- With most lenders, if you have already taken out the loan and received the money, typically the only way to do it, is to repay the loan in full and then reapply with your new guarantor.
- Though if there are exceptional changes in your guarantor’s circumstances, contact your lenders immediately to discuss, and they will talk through with your potential solutions.