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What is a Rent Guarantor?

What is a guarantor?

  • What is a Rent Guarantor?

    A Rent Guarantor is someone who agrees to pay your rent if you are unable to. If there is default on your payments the guarantor has to cover rent arrears, which is required by your accommodation provider.

    It is common practice to provide a guarantor when renting a room or property in the UK. However, the difficulty in providing a guarantor often comes from the requirements.
    They often have to:
    • Be between the ages of 18-75
    • Be a UK homeowner
    • Prove they earn 2.5x the monthly rent
    • Have a good credit history

    This provides your future landlord with security ensuring your rent will be paid on time and in full. Furthermore, a rent guarantor will also be expected to cover other costs incurred as detailed in your Tenancy Agreement, including damages costing more than the deposit or Joint and Several Liability.

    Housing Hand can act as your rent guarantor. Find out if you are eligible by applying with us online. (Find out more about ‘What is a Guarantor‘).

  • Who can be a guarantor?

    More and more accommodation providers and landlords ask tenants to have a guarantor to cover any risk.

    Since the guarantor is the tenant’s representative, he/she agrees to co-sign the tenancy agreement. Therefore they become liable joint and several for any of the tenant’s obligations. For example, in case of any default or damages. To be accepted you must be :

    •  UK resident
    •  A Homeowner
    •  In full-time employment
    •  Able to provide proof of income sufficient enough to cover the costs associated with the rent in the tenancy.

    When they meet these criteria, the accommodation provider will run a reference check before accepting the application.

    The guarantor then has to sign the tenancy agreement alongside the tenant for the full term of the tenancy.

    If you don’t have one and can’t find anyone who will act as a guarantor for you, Housing Hand can do this for your tenancy. If your landlord or letting agent doesn’t know us yet, we will introduce ourselves and our guarantor service to make your property search easier.

  • What is Housing Hand?

    Housing Hand is a UK rent guarantor service. So if you cannot find a UK guarantor when you are trying to rent a property, we can stand as your guarantor. Applying is quick, easy and free and we will give you an instant response concerning your eligibility and a quote of your fee based on your specifications.

  • Does a rent guarantor have to be a homeowner?

    Yes, a guarantor normally has to be a homeowner.

    For most of the accommodation providers who ask for one, the guarantor must be a homeowner in the UK. This is because, in case of default, the landlord or accommodation provider wants to be able to recover rent or damages from the guarantor. A UK homeowner is much more likely to be able to pay these costs than someone with no visible assets to their name in the UK.

  • How do I get a UK guarantor?

    One of the biggest problems tenants face when renting a property is not having a UK guarantor. This is a huge worry if you are not able to pay 6-12 months in advance to secure your property. Even if you do pay in advance, you may still need a guarantor. Whether you’re a student or a working professional from the UK or abroad, Housing Hand can be your UK guarantor so that you can pay your rent monthly.

    Starting at just £295, our application process is simple. Take a look at the video walkthrough below.

    International tenants have to provide a UK guarantor for their rent. International tenants who are unable to provide they are required by the letting agent/landlord to pay 6 to 12 months of the rent up front, in order to secure the property.

  • Can I rent a house/room without a UK guarantor?

    It’s possible, but it is getting more difficult. Fewer and fewer landlords or accommodation providers are willing to rent a property without asking for a UK guarantor. What is more, the guarantor needs to be United Kingdom-based.

    If you are an international student or working professional, you will be asked to provide a UK rent guarantor to rent a property in the UK.

    Whether you are from the United Kingdom or from abroad, Housing Hand can stand as your guarantor and facilitate your rental process. We work with thousands of student halls, landlords and letting agents throughout the UK. If your landlord or accommodation provider doesn’t already know Housing Hand, we will be more than happy to introduce ourselves. Our guarantee service and help both of you to get an agreement.

  • What are the benefits of using Housing Hand Rental Guarantor service?

    In the majority of cases, UK letting agents will not show you available properties to rent. This is unless you already have a rental Guarantor in place.

    If you do not have a rental Guarantor, your Accommodation Provider may ask you to pay your rent in advance. This is normally a payment of 6 to 12 months upfront. However, in many circumstances and even if you do pay upfront, your accommodation provider may still request that you provide a UK guarantor. This is to secure your rented property. Terms and conditions vary and we recommend that you check this with your provider.

    Paying large sums of money upfront can be a risk. It could leave you in a difficult position should your rented home be repossessed. Also applies if there is damage or an emergency that requires you to vacate the property. It can also leave you in a weakened bargaining position should you require the landlord to carry out any maintenance tasks. By using Housing Hand as your rental Guarantor, you will be able to pay monthly and protect yourself from risks like these.

  • Can Housing Hand stand as rent guarantor for a group?

    A guarantor is required per person. If more than one tenant requires a guarantor, each tenant must apply to Housing Hand separately. In the event that some tenants would like to use Housing Hand and some do not, we can stand for just those that want to, i.e. 3 tenants require a guarantor, 2 use Housing Hand and the third uses their own guarantor.

    All tenants can, however, use the same co-signer, as long as the co-signer does not live in the same property.

  • 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.

  • I have applied online and received a Provisional Certificate of Eligibility. What is this and what do I do with it?

    When you apply online you are emailed a downloadable Provisional Certificate of Eligibility. If you are eligible for our service. The certificate will allow you to inform your Accommodation Provider that you have a Rental Guarantor in principal should they require official assurance before showing you any properties. However, please note that you will still need to complete the application process before we become your guarantor. The certificate is just proof of your eligibility to use our service; not that we are already acting as your guarantor. We will only sign the Guarantor Deed with your Accommodation Provider. This is done once you have completed the full application process with us.

  • Will my accommodation provider accept Housing Hand as my rental guarantor?

    Thousands of partners nationwide accept Housing Hand. This ranges from individual Landlords through to very large Accommodation Providers such as University halls of residence. As a company Guarantor with an insurance policy that covers every tenant, Housing Hand guarantees its safety and security. We guarantee that your rent will be paid for the whole period of your tenancy agreement should you default on the payment, as well as the provision to cover damages above the deposit value.

    If your Accommodation Provider is not on our list of partners, we will contact them on your behalf. Whilst we cannot guarantee that every accommodation provider in the UK will work with us, we are confident that we will be able to find you alternative accommodation with one of our partners if they don’t.

    In the unlikely event that the accommodation provider does not accept Housing Hand as your UK Rental Guarantor; we provide you with a refund.

     

  • What happens if a Housing Hand guaranteed tenant is late paying rent?

    If the tenant is late paying rent, the accommodation provider will invoice Housing Hand detailing the default. Housing Hand will pay this within 28 days of receipt. We will work with the tenant or if required, the co-signer, to arrange repayment to Housing Hand.