How To Secure A UK Guarantor Checklist
Planning to rent? Across the country, most landlords will ask you for a UK guarantor. In fact, in many situations, you simply won’t be able to secure great housing without it. Understanding exactly what a guarantor does, though, and how to get one is a must.
What is a Guarantor for Rent?
A guarantor for renting is simply someone willing to pay your rent if you can’t. Having a landlord ask for a guarantor is a fairly common practice because if you can’t pay your landlord, they may not have the money they need to make property repairs or their mortgage payment on the property. As a result, if you can’t pay, then they don’t get the funds they need to continue renting property. That makes a guarantor an essential part of the equation, as they can step in and pay the rent when you can’t.
Finding the Right Guarantor – Your Checklist
Who can be a guarantor for renting UK properties? If you’re on the hunt for someone who meets general requirements, this checklist will be helpful. Your guarantor must
- Be at least 18.
- Have a credit history that is considered “good” by the credit bureaus.
- Agree to pay rent on your behalf if you cannot.
- Agree to pay any damages you create in the home or flat.
- Pass a reference check.
How much does a guarantor need to earn? It can vary, but typically at least 1.5 times the rent you’ll be paying for your new space.
If you find someone who meets all of those criteria, you’re in good shape. Who can be a guarantor for renting if you don’t have someone who meets those criteria? That can be tough in a few different situations, though. That’s particularly true if you’re a foreign national who is studying in the UK for a few years and your family members are all located in your home country. That’s also often tough if you don’t have anyone who can or will accept the financial liability that comes with being your guarantor. Fortunately, if you find yourself in that situation, you do have other options to help you have a UK-based guarantor. You have two primary options in that situation. You can offer to pay for a rent guarantee in the form of six to twelve months of additional rent and a legal expenses insurance policy to help put your landlord’s mind at ease. That essentially makes it as if you’re being a guarantor for rent for yourself. You can also work with a rental guarantor service.
What is a Guarantor Service?
When you don’t have an individual you can turn to, a guarantor service can step in to help. These are essentially companies that act as professional guarantors for tenants, and with the necessary fees and some paperwork, they’re the name you can list on your application with your landlord.
How To Get a Guarantor Service to Work for You
To work with a UK guarantor service, you’ll need to complete their renting guarantor application form (each company’s form is different), then they’ll send you a quote based on what your rent will be and what your employment status currently is. You will have to give your rent guarantor UK service a copy of your ID or your student ID as well as proof of your National Insurance Number. If you are a student, you need proof of study. If you are a working professional, you’ll need evidence that you earn at least 1.5 times the monthly rent you’ll be paying. Typically providing bank statements or a payslip will help provide that proof. Once you’ve done that, you can simply pass the details of the property you’re interested into the guarantor UK service, and they’ll help provide the right details to the landlord.
The Key Is Just Finding Someone to Help
If you’re looking for the right rental, the key is just to find someone in your life who meets UK guarantor requirements. If you have concerns like
- My guarantor does not earn enough
- I can’t afford guarantor insurance
- I’m not sure I can afford to rent a guarantor
There are places you can turn to for help. Start by talking to the landlord, as he or she can usually point you in the right direction to get the help you need.