What is a guarantor and do I need one?
Therefore, landlords and accommodation providers may require a guarantor as this provides them with security. If you do not have a steady income or if you are an international student without a UK-based financial history, having a guarantor can provide an extra bit of reliability and can even work out in your best interest.
Who can be my guarantor?
Different landlords and providers have different criteria on what is required of a guarantor. Typical requirements include that they be an adult UK resident with the financial means to meet their obligations. As their main role is to cover finances then a guarantor may be checked to ensure they have a good credit history and a steady income.
Most people usually pick their parent or guardian, family member or close friend to be their guarantor.
They will be asked to sign a legal document, called a "guarantor agreement," which will let them know about all of their potential obligations and responsibilities that come along with the role. This will be sent to you by your accommodation provider so make sure you are keeping an eye on your emails!
For more on this topic read our blog What should I get from my landlord when I have agreed to rent the property?
Do I need a guarantor?
Having a guarantor is nearly always required for students renting privately. However, university owned halls generally do not need one, or have more flexible requirements such as being able to have a guarantor not based in the UK.
Whether you are required to submit a guarantor or not will be outlined in your tenancy agreement, so it is important to read everything thoroughly!
Can having one benefit me?
Often, when you arrange a booking to view a property they will ask a few basic questions such as who you are renting with, if you are currently working and if you have UK based guarantors. Having a guarantor can actually be an advantage when looking for accommodation, as it may increase your chances of being approved for a rental property.
What should I do if I don’t have a guarantor?
If you don’t have a suitable guarantor, you have a couple of options. You could offer to pay all or some of your rent in advance, which will often be an acceptable alternative. You can also use a guarantor company like Housing Hand which you can pay a fee to act as your guarantor.
Key points
It is not always necessary to have a guarantor when renting student accommodation in the UK, but is becoming an increasingly more common requirement.
If you are lucky enough to have a UK Guarantor it might even increase your chances of getting a property, so it is a good idea to look into it and be prepared!
If you’d like to know what accommodation is currently available in your area, search AFS today.
