When renting in the UK, you are often asked to provide a rent guarantor. Put simply, this is a person who is prepared to be responsible for your rent, should you get behind on your rent payments. The term may seem daunting, but we’ve pulled together all of the important details and information that you need, and how Housing Hand can help if you are unable to provide a guarantor for rent.
Why is a guarantor needed?
Understandably, when you are asked to provide a guarantor for your rent it can feel like there is a lack of trust. However, this is an extremely common process. Many landlords insist on a rent guarantor when a property is being applied for.
Common examples of when a rent guarantor may be needed include:
- Your first time privately renting
- You have been living in a different country
- You are student
- You were temporarily unemployed, or don’t have a steady income.
Even if you don’t fall into the above categories, landlords may still request a rent guarantor for peace of mind.
Who can be a guarantor?
A Rent Guarantor must:
• Be between the ages of 18-75
• Have a good credit history
• Be able to pay your monthly rent (may have to earn a certain amount per annum)
• Be a UK resident
• Be able to provide evidence of all of the above
This could include a parent or family member. However, for many, this isn’t always possible. Whether you are estranged from family, don’t know anyone in the UK or have someone in mind but they just don’t meet the criteria above. Professional guarantor companies, like Housing Hand, exist for this exact scenario.
What can you do if you are unable to provide a Rent Guarantor?
In some situations, it is often impossible to find a suitable guarantor for rent. This may be because you have been or are living overseas and don’t have a UK contact or are even struggling to find someone willing to take on that level of responsibility. Consequently, failure to provide a guarantor may mean the landlord can simply not rent to you. They can also currently request up to 6-12 months of rent in advance, however, when the Renters’ Rights Bill comes into force, this will no longer be possible. This can be extremely challenging, and a massive added cost to re-locating.
Should you find yourself in this situation, Housing Hand provides an affordable and reliable service to help students and working professionals secure a rental property.
Some of the benefits of using Housing Hand include:
• Easily securing a rental property
• Reducing the risk of signing up a guarantor to legal liabilities
• Providing security to the landlord
Our service allows you to pay monthly and protects you financially should your rental home be repossessed, damaged or any kind of emergency that means you need to leave the property. To find out more, or start your application, please visit the guarantor service page here.
