Table of Contents
Who can be a guarantor for a tenant?
Guarantors stand surety or in other words guarantee rent payments and other tenancy obligations. Anyone over the age of 18 who is willing to vouch for the tenant CAN be a guarantor. The guarantor signature MUST always be witnessed.
What do landlords look for in a guarantor?
A rent guarantor is a person or a company that will vouch for your rent payments, bills, taxes and damage done to the property during the tenancy period. The guarantor is legally bound to cover all these debts and any other the tenant has accumulated in relation to their landlord.
What to do if you can’t find a guarantor?
Options if you can’t get a guarantor Some councils and charities have rent deposit, bond and guarantee schemes that: give cash to help with rent in advance and a deposit. act as a guarantor service and cover unpaid rent or damage up to a certain amount.
How much do you need to be a guarantor?
How much money do you need to earn to be a guarantor? Usually guarantors are expected to be making at least three times the annual rent price of the property in order to be accepted by the letting agent or private landlord.
Can both parents be a guarantor?
Can anyone be a guarantor? Almost anyone can be a guarantor. It’s often a parent or spouse (as long as you have separate bank accounts), but sometimes a friend or relative. However, you should only be a guarantor for someone you trust and are willing and able to cover the repayments for.
Can a pensioner be a guarantor for renting?
You might be asked to provide a guarantor in order to take out a loan or to rent a property. Fortunately, almost everyone has the potential to be a guarantor – often including those who are retired.
Can a landlord refuse a guarantor?
Most landlords and letting agents require tenants to have a Guarantor in order to qualify as a suitable tenant. Some tenants – for one reason or another – can’t arrange a Guarantor. The reality is, a guarantor is a prerequisite for every sensible landlord, and rightly so.
Do I need a guarantor to rent UK?
Rent guarantors This is a person who agrees to pay the rent for you if you do not. Your guarantor would usually need to be a UK resident and own a property, and you will need their permission to use them as a guarantor.
What are guarantors responsible for?
A guarantor guarantees to pay a borrower’s debt in the event that the borrower defaults on a loan obligation. If the borrower defaults on their loan, then the guarantor is liable for the outstanding obligation, which they must meet, otherwise, legal action may be brought against them.
Do I need guarantor for renting?
If you’re renting in London, you’ll need to go through credit checks and referencing as part of the rental application process. Being asked to provide a guarantor is quite common – it’s not due to a lack of trust and it’s no reflection on you as a person.
How can I rent without a guarantor?
You may be able to persuade your landlord to waive the need for a guarantor by offering them a larger deposit or 6 months’ rent in advance. This may give them the greater sense of security they are looking for. However, neither option is ideal and you may not have the money to make such a suggestion.
Can a company be a guarantor for a tenant?
A rent guarantor is a person, a company or an institution that agrees to be a tenant’s financial back-up. If the tenant doesn’t or can’t pay the monthly rent, the guarantor is liable to pay for them.
Can a retired person be a guarantor?
Yes, a Guarantor can be retired. However, your guarantor must meet our current age criteria and be able to demonstrate they can afford the loan repayments by proving their income such as from state pension, benefits and top-ups.
Can I be a guarantor on my daughters mortgage?
Parents can be guarantors for their child’s mortgage. While there’s no specific product called a “parent guarantor mortgage”, a lot of lenders actually prefer guarantors to be parents or other family members.
Can I be a guarantor for two rented properties?
In the same way that you can have multiple tenants on a tenancy agreement, you can also have multiple guarantors. In fact, it is desirable to try to get more than one guarantor as this means you have more people who are responsible for ensuring the costs are covered.
What is the maximum age for a guarantor?
For guarantor loans, it seems as though the maximum age a guarantor can be is 75 years old. You may find some firms who are willing to provide loans when a guarantor is older but the general consensus seems to be that this is the case.
Can landlords ask for a guarantor?
However, a landlord has the right to request a rent guarantor whenever they think there is a risk their new tenant might not pay their rent as and when they should.
Can a landlord ask for 6 months rent in advance UK?
There’s no legal limit on how many monthly or weekly advance payments you can be charged. Some landlords will ask for 6 months’ rent in advance or more. It is illegal for landlords to disguise extra fees in rent in advance payments. You can’t be charged more than what your rent would be for that period.
