WHAT IS A GUARANTOR?
3rd May 2017
If you are planning on renting anywhere in the United Kingdom you will most likely need to provide a UK guarantor. First, you will need to know the answer to the question; what is a guarantor? 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 is a Guarantor and What does being a 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. Follow the link for more information on ‘What is a Guarantor’ or other questions relating to rent guarantor FAQs. The ‘UK’ part of this role is also an important aspect to consider as we will see now.
When and Why is a UK Rent 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 be a Rent 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 these 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.
I have a guarantor but I am concerned about their liability
If you can provide a qualifying UK rent guarantor but you may also want to know what a joint and several liability contract is. Our sister company, Only My Share, specialise in Rent Arrears Protection to protect tenants and their guarantors from having to pay a flatmate’s rent in a shared rental property.
What are your Options if you Cannot Provide a Rent 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 every day.
Housing Hand Rent Guarantor Service
Housing Hand is 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 instalments, 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.
What are the benefits of using the Housing Hand rent guarantor service?
It is common for UK letting agents to ensure you are able to rent before showing you available properties. In many cases, this would mean you need to prove that you have a rental Guarantor.
If you do not have a Rental Guarantor, your Accommodation Provider may well expect 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 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 and could leave you in a difficult position should your rented home be repossessed or 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 such risks as these.
Who can Use the Rent 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 provides 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 [email protected] or give us a call on 0207 205 2625.
More information on ‘what is a guarantor’?
If you have more questions relating to renting in the UK, getting a guarantor or our guarantor service in general, please check out our Help Centre which is packed full of useful information.