What is a guarantor?

3 May 2017

If you are planning on renting anywhere in the United Kingdom you will most likely need to provide a UK guarantor, so first you will need to know what a UK guarantor is! The simple answer is someone who is prepared to pay your rent should you default but there is slightly more to it. Read on to find out the important details about who can act as guarantor and how Housing Hand can help if you cannot provide a UK guarantor.

What does UK rent guarantor mean?


In more detail, a UK guarantor is someone who agrees be responsible for a loan you have taken out therefore a UK rent guarantor is someone who has agreed to cover your rent if you cannot pay it. In some cases the rent guarantor also agrees to cover damages to the property. The ‘UK’ part of this role is also an important aspect to consider as we will see now.


When and why is a UK guarantor required?


A rent guarantor is a requirement that many landlords insist on whenever a new rental property is being applied for. It is a common tool used by landlords to ensure the new tenant will not default on rent or property damages, not a comment on a new tenants status or a lack of trust.

Who can act as a UK guarantor?


Finding someone to act as a UK guarantor can be a difficult obstacle in the process of securing somewhere to rent in the UK. There are several requirements that a guarantor must meet listed below.

A guarantor must:
Be between the age of 18 and 75
Have a good credit history
Be able to pay your monthly rent
Be a UK resident

If your intended guarantor fails on any of this criteria they will not qualify as a suitable guarantor. But don’t despair, this is exactly why Housing Hand created the UK’s only secured and reliable insured UK Guarantor Service for students and working professionals.


What are your options if you cannot provide a UK guarantor?


Finding a suitable guarantor is not always possible especially for international students or professionals as they may not know any UK residents, especially one who is prepared to take on the responsibility! This often means landlords request 6-12 months rent up front which is a challenge most will find impossible, especially with ever increasing rental costs.

This is where Housing Hand can help. Read on to find out how Housing Hand UK Guarantor Service helps thousands of students and working professionals everyday.


Housing Hand UK Guarantor Service


Housing Hand are providing a much needed service to help people in this situation. With HH students and working professionals can secure their new rental property and benefit from paying their rent in smaller installments, not needing to pay a deposit, reduce the risk of signing up a guarantor that may be unaware of the legal liability and provide their new landlord the security they require.

 

Who can use the Housing Hand UK Guarantor Service?


It is really quick and easy to find out whether you are eligible to use the Housing Hand UK Guarantor Service. Follow the links for student and professionals and fill in the short, online forms to find out in a matter of minutes. Once you have been accepted you will receive a Guarantor Certificate to provide to letting agents and landlords which can be helpful for your property search. Even better than that, Housing Hand provide a Free Housefinder Service where we deal with the paperwork, agent and tenancy agreement to help you feel secure to rent.

Fill in the free, quick and easy online form to get a quote in minutes. If you have any questions, please don’t hesitate to contact us via email to team@housinghand.co.uk or give us a call on +44 (0) 207 205 2625.