Mortgage Affordability
Affordability Myth #8: “If my family can be guarantors, I don’t need a job to get a mortgage”
3 minute read
Rana Miah | June 18, 2025 Share
It’s a comforting thought – that having generous parents or a wealthy relative to back you means you can skip the whole “stable income” part.
Unfortunately, it doesn’t quite work like that.
The reality
Yes, having a guarantor – usually a family member – can help. It’s especially useful if you’ve got a small deposit or you’re just starting out financially.
But here’s the thing: lenders still need to see that you, personally, can afford the mortgage.
That means:
- Regular income from a job or reliable source
- Evidence that you can cover monthly repayments on your own
- A track record of managing your money responsibly
Even if your guarantor has property, savings, and a great credit score, most lenders won’t approve a mortgage if you can’t show how you’ll keep up with repayments yourself. A guarantor is there as a back-up, not a substitute.
What to think about instead
If you’ve got family support, that’s a big plus – but the real key is building your own financial base.
- Try to get into stable employment (even part-time or contract work can help).
- Start saving for a deposit, no matter how small.
- Keep an eye on your credit and avoid unnecessary debt.
A guarantor can absolutely strengthen an already solid application, but they can’t carry the whole thing on their own.
That said, there is another option worth exploring: Joint Borrower, Sole Proprietor (JBSP) mortgages. This set-up lets a family member (like a parent) join you on the mortgage to boost your affordability, without being named on the property itself. It can be a smart way to bridge the gap while you build up your income, especially if you’re close to being mortgage-ready.
Just remember: even with JBSP, lenders still want to see that you’re on a path towards being able to manage the repayments yourself.
Liam’s parents were willing to act as guarantors for his first mortgage. But when he applied without a job, the lender told him they needed to see proof of regular income first. Once Liam secured a steady role and could show payslips, the application moved forward – with his parents still there as added support.
Bottom line?
Having a guarantor can give your mortgage application a helpful boost – but it’s not a shortcut around the basics. You still need to show lenders you can manage the mortgage on your own.
If you’re not quite there yet, use the time to build up your income, savings, and confidence. A mortgage advisor can walk you through what’s needed and how to get there.
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