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What is a Co-signer?

What is a Cosigner

  • Who cannot be a co-signer?

    You cannot be a co-signer if you are:

    • Not in work or in receipt of a private pension.
    • Receiving Housing State Benefits.
    • A student.
    • Share the same address as that of the Tenant we guarantee.

    International co-signers can be a parent or guardian in a foreign country subject to relevant identification checks.

    All Working Professional UK applicants must have a UK based co-signer

  • Why can my co-signer not be my Guarantor?

    There are a number of possible reasons for this.

    Your co-signer may not be based in the UK and therefore not eligible to your landlord or letting agent or, alternatively, they may not have sufficient income or credit history to be eligible to your landlord or letting agent.

    Possibly your co-signer may not own a house and therefore not be eligible either.

    Maybe your co-signer may not be prepared to be your guarantor but accept to be your co-signer as they take on less risk than a full guarantor.

  • Can I be a co-signer if I am already a Housing Hand customer?

    No. Unfortunately, since Housing Hand is already guaranteeing you, we can’t accept you as a co-signer for another tenant.

  • Why do I need a co-signer?

    A co-signer is someone who will also sign the contract you have with Housing Hand. They may be someone who does not wish to, or does not meet the requirements to be your UK rent guarantor directly. They cannot be a student or be moving into the same property as the applicant signing the Housing Hand guarantor agreement.

    A co-signer is a second point of contact for Housing Hand. They are jointly liable for repaying Housing Hand should you default on your rent.

    In the instance you failed to pay your rent, we would attempt to contact you and arrange a suitable repayment plan. If we are unable to do so, or should the agreement be broken, your co-signer would then be contacted to pay what you owe.

    We do not conduct a credit check or require your co-signer to be a UK home owner or resident. But we will need to verify their identity with some photo ID and an address.  Please note, on joint and several contracts, you and your cosigner are required to repay Housing Hand for housemates nonpayments that have have been made on your behalf.

  • Who can be my co-signer?

    A co-signer is someone who will also sign the contract you have with Housing Hand. They may be someone who does not wish to, or does not meet the requirements to be your UK rent guarantor directly.

    Your co-signer is a second point of contact and is also jointly liable to repay Housing Hand for any monies paid out on your behalf if you default during your tenancy. They must have an income, however their credit history is not relevant. If you are from overseas, your co-signer does not need to be based in the UK so can be a parent or friend in your home country.

     

  • Why can my co-signer not be my Guarantor?

    Your co-signer may not be based in the UK and therefore not eligible to your landlord or letting agent or, alternatively, they may not have sufficient income or credit history to be eligible to your landlord or letting agent.

    Possibly your co-signer may not own a house and therefore not be eligible either. Maybe your co-signer may not be prepared to be your guarantor but accept to be your co-signer as they take on less risk than a full guarantor.

  • Why do I need a co-signer?

    A co-signer is someone who will also sign the contract you have with Housing Hand. They may be someone who does not wish to, or does not meet the requirements to be your UK rent guarantor directly. They cannot be a student or be moving into the same property as the applicant signing the Housing Hand guarantor agreement.

    A co-signer is a second point of contact for Housing Hand. They cannot be a student or be moving into the same property as the applicant signing the Housing Hand guarantor agreement. They are jointly liable for repaying Housing Hand should you default on your rent. In the instance you failed to pay your rent, we would attempt to contact you and arrange a suitable repayment plan. If we are unable to do so, or should the agreement be broken, your co-signer would then be contacted to pay what you owe.

    We do not conduct a credit check or require your co-signer to be a UK home owner or resident. Please note, on joint and several contracts, you and your cosigner are required to repay Housing Hand for housemates nonpayments that have have been made on your behalf.

     

  • Who cannot be a co-signer?

    You cannot be a co-signer if you are:

    • Not in work or in receipt of a private pension.
    • Receiving Housing State Benefits.
    • A student.
    • Share the same address as that of the Tenant we guarantee.

     

    International co-signers can be a parent or guardian in a foreign country subject to relevant identification checks.
    All Working Professional UK applicants must have a UK based co-signer

  • Can I be a co-signer if I am already a Housing Hand customer?

    No. Unfortunately, since Housing Hand is already guaranteeing you, we can’t accept you as a co-signer for another tenant.

  • What is the role of the co-signer?

    A co-signer is someone who will also sign the contract you have with Housing Hand. They may be someone who does not wish to, or does not meet the requirements to be your UK rent guarantor directly.

    Your co-signer is a second point of contact and is also jointly liable to repay Housing Hand for any monies paid out on your behalf if you default during your tenancy. They must have an income, however their credit history is not relevant. If you are from overseas, your co-signer does not need to be based in the UK so can be a parent or friend in your home country.
    Please also note that the co-signer can not be someone who lives in the same property.

  • My co-signer is abroad, what should we provide?

    International co-signers should provide the following documents to enable the process:

    Photographic ID (Passport, driver’s licence or national identification card)
    Proof of residential address (utility bill or bank statement showing name and address and dated within the last 3 months

  • Can I change a co-signer and what do I do?

    Yes, you can. You should be able to do that online. Or contact Housing Hand immediately at +44(0) 207 205 2625 and we can help you through the process.

  • Which documents should the co-signer provide?

    To help you complete your application, your co-signer would have to provide some documents.

    For a UK co-signer:

    Photographic ID (Passport, driver’s licence or national identification card)
    Proof of residential address (utility bill or bank statement showing name and address less than 3 months old)
    A National Insurance number.

    For an international co-signer:

    Photographic ID (Passport, driver’s licence or national identification card)
    Proof of residential address (utility bill or bank statement with name and address less than 3 months old).