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Guarantor Insurance???

  • 29-09-2008 8:43pm
    #1
    tracy1002
    Registered Users, Registered Users 2 Posts: 61 ✭✭


    Just wondering if it is possible to take out an insurance policy against a guarantor having to pay out should a borrower default?


Comments

  • #2
    uberwolf
    Registered Users, Registered Users 2 Posts: 7,581 ✭✭✭uberwolf


    tracy1002 wrote: »
    Just wondering if it is possible to take out an insurance policy against a guarantor having to pay out should a borrower default?

    I don't think so, I've never heard of it. But why would the borrower default, and is that an insurable event? Probably - payment protection insurance being one example.

    I should ask, is this a standard mortgage question, or a larger ticket deal?


  • #3
    tracy1002
    Registered Users, Registered Users 2 Posts: 61 ✭✭tracy1002


    Nothing sinister.... its actually a sports club borrowing money for development and looking for people to be guarantors...... good idea or bad:confused:


  • #4
    shoegirl
    Registered Users, Registered Users 2 Posts: 2,029 ✭✭✭shoegirl


    Its a risk, so I would expect something in return, in practice its probably a sports club you know and love, so usually this would take the form of lifetime membership, loving care etc etc. If you're not happy with that then don't do it.

    As long as its not Cork City FC it might not be too bad.


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