It can be a bit intimidating if you are in the UK, and someone has asked you to act as a guarantor when renting. Basically, a guarantor is somebody who agrees to pay the rent (and also other costs) if the landlord is not paid.
Guarantors are common for:
Students
First-time renters
People with limited credit history
Anyone not affordable on paper (even if they can pay)
Who can be a guarantor?
Every landlord/letting agent is different to what they will accept but usually a guarantor needs to be:
UK-based
Employed (proof of employment)
With a good credit history
Enough to make rent and pay their own way.
One example of a person who gets to do this, under set criteria is usually a parent or other close family member but need not be so. For advice from Letting Agents Gloucester, visit www.thomasandthomasproperty.co.uk/
What are they agreeing to?
Guarantee: A guarantor will sign a guarantee form in relation to the tenancy. They might be agreeing to one of these based on the wording itself:
Pay rent if tenant misses payments
Clear rent arrears and other tenancy-related costs
Have the full fixed term (and sometimes beyond if and when)
Which is why it really matters that they read the contract completely and be assured of what is involved.
What you need to know if you are asked to be a guarantor:
What are you actually asking the guarantor for?
Verify it is limited to fixed terms only.
Level with your guarantor in advance to enable them to respond swiftly to checks.
If you are not sure, your letting agent can help identify what the guarantor will need in terms of documentation.
