What is a Rent Guarantor?
When you are renting student accommodation in the UK, you are likely to be asked to provide a rent Guarantor. This article provides a summary of what a Guarantor is, to get the full low down head over to https://ukguarantor.com/blog/students-guide-guarantors/ .
What is a Guarantor?
A Guarantor is a person, company or organisation that agrees to secure or ‘guarantee’ somebody’s tenancy agreement or contract. The Guarantor takes on many of the commitments that the main party to the tenancy agreement is taking on. If you sign a tenancy agreement, your Guarantor will be responsible for fulfilling many of the terms of the agreement if you don’t.
The main obligation that the Guarantor is taking on is rent. What this means is, if you don’t pay your rent, the Guarantor will be required to pay it. Depending on the tenancy agreement, it can also mean that the Guarantor is liable for any other costs, such as damages and even the rent due from other occupants of the property who are on the tenancy.
It is quite common in student accommodation to be asked to provide a guarantor.
Who can be a Guarantor?
In short anyone who is considered eligible by the landlord who owns the property or the agent who is managing the property on behalf of the landlord. There are no hard and fast rules here, as different landlords and agents will have different criteria, as to what is acceptable to them.
Some of the more typical requirements are;
- That the guarantor must be UK based.
- The guarantor must be able to meet their obligations
- It does not have to be a parent or family member.
How to secure a guarantor if you don’t have one.
There are a number of circumstances in which you might find that you do not have access to a UK Guarantor, but you do need one;
· Your potential Guarantor does not meet the criteria of the landlord or agent
· You do not have anyone who is willing to be your Guarantor
· You are moving to the UK from overseas and your accommodation requires a UK based Guarantor
· You are unwilling to pay a large proportion of your rent in advance
In such a case you can use a company to be your Guarantor. www.ukgurantor.com is a company which has been set up to act as Guarantor to students who don’t have an access to a Guarantor.
Students are able to purchase the service for a fee of £249, and UK Guarantor are then able to act as the Guarantor to the student in the similar way that a standard guarantor would. This means that the student is sign a tenancy agreement and move into their accommodation in the same way as any other student.