Need a Guarantor

If you are looking to rent a property and the landlord or Agency asks you for a guarantor but you can't find one, you'll probably need to look elsewhere or at some other options such as paying all the rent for the fixed period upfront, which may not be possible, so we thought we would put together a few ideas of where you might be able to get one .

Firstly, any guarantor more than likely needs to be someone who knows and trusts you. On the flip side they need to be someone that you can trust yourself.

They will need to have a good credit score and in full time employment and often are required to own their own property.

It will be important that the guarantor knows exactly what it is that they are signing up for and by being someone you know it allows you be upfront and honest about bad credit or CCJ’s that you may have and to tell them why the landlord is asking for a guarantor.

Essentially, they will guaranteeing that you follow and uphold the obligations in the tenancy you're hoping to sign which will include paying the rent on time and not causing any damage to the property. In the event that you fail in any of your obligations, it is then the responsibility of the guarantor to step in for you.

Finding a Guarantor

Most people who find themselves looking for a guarantor turn to any of the following:-

  • family,
  • friends
  • work colleagues or
  • employer.

Family members probably know you best and blood being thicker than water family members especially Parents are more than likely to offer to be a guarantor.

Friends, they’ll need to know about your current finances so if you don’t want them to know all this personal stuff, move on. If a friend does become a guarantor don’t mess it up or they might not be your friend for much longer.

Employers, bosses or work colleagues – Can be ideal as they know you on a day to day basis and also that you've got a steady wage coming in every month. Again, you're going to be wary about sharing your personal business with people at your work, but needs must sometime.

Once you have thought about who you are going to approach about becoming your guarantor get your act together and prepare yourself before even asking them because they’ll probably ask you lots of questions, well, I would !

So, write your total income and expenses for each month so you can show your prospective guarantor you can afford to pay the rent each month and make sure you understand everything about the tenancy agreement you are proposing to enter into.

If you don’t yet have the proposed tenancy agreement, ask the landlord or agent for a copy and also for a copy of the guarantors agreement they will be asking them to sign.

Your guarantor will want to know what their responsibilities will be . If they ask you lots of questions and you don’t know the answers it won’t come across too well and your only hope of renting that property might refuse.