All You Need To Know About Guarantor
For future room renters who do not yet have a financial history or job in the UK it is important to obtain a guarantor. But before you approach someone about serving as your financial provider see the easy explanation what exactly means to provide guarantor and who can assure your rental lease.
Who stands for guarantor:
Guarantor is a person who takes on your financial obligations by signing the guarantor form. The guarantor does not occupy the flat/room with you but is a subject to pay the rent if you will not be able to do so. If you don’t make the rental payment on time, the landlord can ask your guarantor to pay the lease.
Who can be your guarantor?
Most commonly, the renter’s parents act as guarantor, assuming that the parents can support you financially. It is very common for young adults to don’t have a strong financial history in the UK, therefore when signing a rental lease, parents are assuring that all payments will be covered on time.
Less commonly, a guarantor might be your friend, business colleague or even your corporation.
It is also possible that some government agency serves as guarantor for low-income individuals.
How Do I Know if I Need a Guarantor?
Your landlord, or property management company will firstly see if you qualify to pay your rent based on your financial status. If you don’t meet the standards for qualifications, they usually inform you that the guarantor is required. Don’t worry this is not a complicated process and usually don’t last long.
How Should I ask someone to serve as guarantor?
The best way is to be direct and precise why you need a guarantor. You should describe your situation carefully. Your potential guarantors should be informed of what might be involved:
- Provide a financial verification that they are able to make payment in case you would be unable to do so
- A legal signed document to verify this commitment
- Sometimes, a background check seeking information on any past financial difficulties
Remember that serving as a guarantor is quite serious decision especially for unrelated friends or colleagues. Make sure that a person whom you’re asking, understands all information and they assume all the potential risk.
Bear in mind that if you have Non-UK guarantor you will be asked to pay your rent from 3 up to 6 months in advance along with your deposit.
At the end, the process is simple and usually don’t require much effort. From our past experience, all our tenants did not have any difficulties and all payments were always resolved quickly.
In case you have any further questions don’t hesitate to contact us!
