Generally, a rent guarantor can be anyone between the ages of 18 and 75 who is a resident of the United Kingdom, who is in and does not have a poor credit history. For many it is a parent, relative or friend, but for thousands of people every year, especially international students and working professionals, it can be difficult to find this person. Some landlords and agents request a guarantor before offering you a lease. A guarantor agrees to pay rent if you don't pay it.
They sign an agreement confirming their responsibilities and when they have to pay. You may need a “guarantor” to be able to rent a place to live. A guarantor is someone who agrees to pay rent if you don't pay it, such as a parent or close relative. A guarantor must be based in the UK and is usually a family member, most often a parent, but friends can also play the role.
If you are asked to provide a guarantor, you should carefully consider who you will ask. It has to be someone you feel comfortable with and there must be trust between you. After all, you're asking your guarantor to make a serious financial commitment. If you don't pay rent or cause damage you can't afford, your guarantor will be legally responsible for the costs.
That's why you should carefully consider who you ask to be your guarantor. In fact, as a guarantor, you want to pay special attention to the terms and rates offered by lenders before you agree to support your loved one or friend who is applying for a loan. Relying on someone else to pick up your financial parts is likely to damage a friendship or leave your relationship with your parents strained to say the least. Almost anyone can be a guarantor of a loan, such as a partner, friend or relative, as long as they are over 21 years old and have a good credit history.
Guarantors help people who are struggling to find a lender willing to consider their situation, but they can also simply help a family member or friend get a larger loan or better terms and rates. Of course, not all UK based tenants have a parent or close family friend to rely on as a proper rent guarantor. A guarantor may be a family member or a friend, but it will need to be someone who has a good credit history and will usually need to be 21 or older and own a home. Almost anyone can be a guarantor, but most of the time it is someone who knows the person applying for the loan very well, such as a parent, brother, sponsor, or close friend.
However, if you are older and your parents are no longer alive or are retired and do not meet the financial criteria required for guarantors, a close friend who lives in the UK and meets the criteria can also act as a guarantor. If someone helps you, a parent or a friend, to get a loan by acting as your guarantor, you should think carefully about the consequences of your generosity before signing on the dotted line.
