A guarantor can be self-employed as long as they are aged 19-75, and haven't had any trouble paying their bills in the past.
Although they do not have to be a homeowner, it may increase the possibility of us accepting them as your guarantor if they do own their own home.
The guarantor will have to pay the loan back if the borrower doesn't, so they must be able to afford the monthly payments and still have enough money to live their normal life.