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‘).