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What is a Co-signer?

What is a Co-signer?

  • 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 UK rent 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.

     

  • Why do I need a co-signer?

    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.

    If you have failed to pay your rent, we would attempt to contact you and arrange a suitable repayment plan. If we are unable to do so your co-signer will be contacted cover payments. This will also happen should the agreement be broken.

    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.

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

    Your co-signer might not complete the guarantor criteria. They may not be based in the UK, be a homeowner or may not have sufficient income. Furthermore, may not have sufficient credit history to be eligible to your landlord or letting agent.

    Someone who might not be prepared to be your guarantor could be your co-signer as they are taking on a lesser risk than if they were a full guarantor.

  • Who cannot be a co-signer?

    You cannot be a co-signer if you are:

    • Not in work.
    • Receiving Housing State Benefits.
    • Is 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.

    Co-signers do not have to be UK based.

  • 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.

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

    An international co-signer 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 change co-signer. You can do that online or contact Housing Hand immediately. Call us 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.

    -A Photo I.D. – A passport, drivers license, or any other form of identification

    -A Proof of Address – A Bank Statement or Utility Bill within the last 2 months.