When renting accommodation in the UK, having a guarantor can be essential, especially for students or individuals without a strong credit history. Let’s explore how you can secure a UK guarantor:
What Is a Guarantor?
- A guarantor is someone who agrees to pay your rent if you’re unable to do so. They act as a financial backup, ensuring that the landlord receives the rent even if you face difficulties.
- Common guarantors include parents, legal guardians, or close relatives.
Why Do You Need a Guarantor?
- Landlords and agents often require a guarantor to minimize the risk of renting to tenants with limited credit history.
- Having a guarantor assures that the rent will be paid promptly.
Requirements for a Guarantor:
- UK-Based: Most landlords prefer a guarantor who resides in the UK. This makes legal action easier if needed.
- Over 21 Years Old: The guarantor must be at least 21 years old.
- Credit Checks: Guarantors undergo credit checks and affordability assessments to ensure they can cover the rent1.
Options for Getting a Guarantor:
- Parent or Legal Guardian: Often, parents or legal guardians act as guarantors for students.
- Guarantor Services: Consider using services like Housing Hand, which provides UK guarantors for both students and professionals.
- Co-Signer: When using a service like Housing Hand, you’ll need a co-signer (over 18 years old) to sign up with you. They take responsibility for your tenancy obligations.
Cost of Guarantor Services:
- Services like Housing Hand offer flexible payment options. You can split the fee over several months, making it affordable for everyone.
- For example, Housing Hand allows you to pay their fee over 8 months, starting from £42 per month2.
Keep Communication Open:
Maintain open communication with your guarantor throughout your tenancy. Keep them informed of any changes in your circumstances and ensure they are aware of their responsibilities under the guarantor agreement.
Seek Alternatives if Necessary:
- If you're unable to secure a UK-based guarantor, consider alternative options such as paying a higher deposit or offering to pay several months' rent in advance.
- Some landlords may accept alternative forms of guarantor, such as a guarantor service or rent guarantor scheme, for an additional fee.
By following these steps and finding a suitable guarantor, you can meet the requirements set by landlords and secure accommodation in the UK. Remember that having a guarantor is a significant responsibility, and they should fully understand their obligations before agreeing. If you’re a student or professional seeking accommodation, explore the available options and find a guarantor that suits your situation.