What is a guarantor and do I need one?

Those renting for the first time may be wondering ‘what on earth is a guarantor?’

Simply put, a guarantor is someone who will cover your rent payments if you fail to pay them. For example, you may be a bit broke one month and can’t gather enough money to pay the next rent fee, they will step in to pay.

Make sure to also find out how this could be affected with the new Renters' Rights Bill. 

Why do I need a one?

The reason landlords ask for a guarantor is to ensure they have a safety net if you can’t pay your rent. Your landlord will still receive their payment and so works as a way of providing them with a sense of security.

Guarantors are deemed extremely necessary for students who may not be working or whose student finance may not cover their entire rent. But, they are also needed if you don’t have a steady income, if it’s your first time privately renting, if you’ve been living in a different country or if you’ve been temporarily unemployed. Some landlords may decide to ask for a guarantor even if none of these apply to you.

Along with covering rent payments that you are unable to,  they may also be responsible for any property damage during your stay.

Who can be my guarantor?

Pick wisely because if you ever can’t pay – then your guarantor is liable. If they refuse/can’t pay then they may be taken to court. 

Landlords, before accepting who you have chosen, may decide to do a credit check to ensure who you have chosen is reliable enough as a backup payment option. 

Requirements: 

• Must be between the ages of 18-75
• Must have good credit history
• Must be able to afford to pay your monthly rent
• Must be a UK resident in case legal action needs to be taken
• Must be able to prove they can meet the above criteria

For most students, their guarantor can be a parent, but this may not be the case for everyone. Especially international students.

I can’t find a guarantor, what can I do?

Here’s what you can do:

• Pay rent upfront (landlords may ask for a certain number of months’ rent)
• Try to find accommodation that doesn’t require a guarantor (e.g. some uni or private halls have this option) 
• Try a guarantor housing company – they can give you a guarantor for a small fee