Providing a guarantee creates serious obligations for you. As a guarantor, you are effectively undertaking to promise that the borrower has the capacity to, and will, repay the loan. What does this mean? In the event the borrower is unable to pay back the loan, you will become liable for the amount. You may be a full or partial guarantor. Where you are a partial guarantor, you will only be liable for the amount stipulated at the time of the loan.
To understand your obligations as a guarantor, ask our expert Property & Construction Lawyers today.