You may not need a guarantor if you can pass a credit check or show proof of income. If you have a poor credit history or low income, a landlord may still rent to you if you can pay some rent in advance.
Do all landlords require a guarantor?
If you’re dealing with a letting agent, you’ll find that most of them will require their tenants to have a guarantor, but ultimately it is down to the Landlords discretion. If a landlord wants to take on tenants that doesn’t have a guarantor on standby, they can do so at their own risk.
Is it possible to rent without a guarantor?
Paying a larger deposit or more rent in advance
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.
Do you need a guarantor in the UK?
Landlords will usually want a guarantor who lives in the UK, as it’s easier for them to take legal action against a UK resident if they need to. This might present a problem for you if you’re coming from abroad – for example if you’re an international student.
Is it legal for a landlord to 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.
What if I 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.
Can a family member 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.
Is there an alternative to guarantor?
Guarantor alternatives for renting
Ask to pay three to six months’ rent upfront. Like a guarantor, this lowers the risk that the landlord won’t get their money. Offer a larger deposit. The landlord should be able to take any missed payments out of this.
Can a guarantor be unemployed?
But if a company or other service provider asks you to provide a guarantor, it will be because your circumstances suggest you’re at a higher risk of being unable to cover your costs at some point in the future. Reasons you may be asked to provide a guarantor include: being unemployed.
Can a friend be a guarantor?
Some lenders will only provide a loan to borrowers if another person (for example, a friend or relative) guarantees to make the payments if the borrower does not, this other person is known as a guarantor.
Is guarantor compulsory?
Lenders require borrowers to enlist a guarantor, typically in the case of high value loans. Such loans are known as guarantor home loans. In such cases, the guarantor is the person guaranteeing that he/she would repay the borrower’s debt if the borrower defaults on his/her loan obligation.
How much do you pay a guarantor?
There are guarantor services that can help you get the keys to your new apartment—but you’ll pay for the convenience. This option generally costs between 4% and 10% of the annual rent, and the fee is payable before signing the lease.
What proof do you need to be a guarantor?
What does a guarantor need to provide? Guarantors will need to provide information to a landlord or letting agency to ensure they can take on the responsibility of being a guarantor: Proof of identity, like a passport or UK driving licence. There will be credit checks that they need to pass.
How long are you a guarantor for rent?
If this is the case, you will be legally responsible if the tenant breaks any of the promises they made in their tenancy agreement before the tenancy ends and will remain liable for a period of six years from the date they break their promise.
Do guarantors get credit checked?
Guarantor Loans and Credit Checks
Your guarantor’s credit history is also checked to make sure they’re in a safe position to be able to support your loan. Their role is to vouch for your ability to pay back the loan and agree to make any payments which are incomplete or are missed.
Is it rude to ask someone to be a guarantor?
Asking an individual to guarantee your loan is a big favour to ask, so don’t approach your prospective guarantor as if they’re going to say yes. Instead, explain that you know you are asking a big favour and demonstrate the consideration and respect you intend to show them through the course of the loan period.
What are the risks of being a guarantor for rent?
Importantly, this means not only the tenants but their guarantors, i.e. you, are jointly liable to pay missing rent and all other tenancy related obligations such as damages, cleaning costs or outstanding bills. This can be a worry for parents who have never met their child’s flatmates.
Can an old person be a guarantor?
To be a guarantor, you must be 18 years or over. However, in some cases, guarantors must be older than 21 years. In addition, the lender will want assurances that you have a good credit rating and can pay back the loan yourself.
Can I use my mom as a guarantor?
A parent or legal guardian cannot act as guarantor when applying on behalf of a child or dependent adult.
Can the person I live with be my guarantor?
Yes, in principle accept partners as guarantors. However, you and your partner must not live at the same address. Your guarantor could be a friend or family member, as long as they have good credit, meet our age criteria and have an income which is provable if required Find out more about who can be a guarantor.
Does guarantor affect credit score?
Legally, a guarantor is a co-applicant without the benefits of a beneficiary. Therefore, when the applicant defaults, it not only adversely affects his/her CIBIL score, but the guarantor’s too, without any fault of his/her own.