Housing Hand's Guarantor Passport is a way for students to get pre-approved for a rent guarantor. The process vets the guarantor and verifies their ID to ensure that landlords can be confident that the guarantor for their tenant is legitimate.
This passport method is said to not only make the process easier for students but will also help speed up the tenant signing process for landlords.
Speeding up the process
Usually, guarantors must be confirmed midway through signing the tenancy agreement and they must be verified before you can continue. The guarantor can be asked for evidence of credit checks, income verification, employment or pension references etc. All of which can take time to collect and hence tends to delay the signing of tenancy agreements.
Whereas the new Guarantor Passport helps students stand out to landlords as they can have this passport ready before they even enquire about a property, reducing the faff usually involved with verification.
The idea of the passport is to let students apply for accommodation with confidence.
It also means that the passport won't expire for 3 years unless it is invalid e.g. if the guarantor can no longer uphold their end due to financial changes. So, you won't have to keep resubmitting the passport unless these circumstances change.
How the process works for students
- Apply for the passport and verify:
Create a Housing Hand account online, complete an ID verification check, and provide an estimated monthly rent amount.
- Pay fee:
A small onboarding fee is paid during the application (£20) in order to secure the passport.
- Digital certificate:
They will receive a certificate that they can store in their phone wallet and when needed they can then present to letting agents and landlords.
- Validity:
The Guarantor Passport remains valid for up to 3 years, provided that the ID submitted by students (and their guarantor) remains current.
Financial and risk benefits for landlords
Housing Hand says that their Guarantor Passport reduces risk and shortens the leasing cycle for landlords: "It acts as a screening tool that ensures student applicants are financially backed before viewings even begin."
- Guaranteed rent: Housing Hand legally covers 100% of rent arrears if the tenant defaults.
- Zero cost: The service is entirely free for landlords and letting agents.
- Vetted applicants: Tenants undergo comprehensive identity and fraud checks beforehand.
- Corporate backing: Landlords deal with an established corporate entity instead of unreliable individual guarantors.
Operational and efficiency benefits
- Faster let times: Speeds up the reference process to fill empty properties quickly.
- Instant verification: Landlords simply scan the student's QR code to check their approved rental limit.
- Reduced admin: Housing Hand handles the paperwork, chasing payments, and legal reference checks.
- Wider tenant pool: Opens up the property to international students who lack UK-based guarantors.
