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.
guarantorsare usually relatives or close friends of the tenant, but they don't have to be. As the guarantor and fully responsible for the loan, if you fail to comply with your legal obligations, you will be subject to the debt recovery policies of the loan providers that could later result in a judgment of the County Court (CCJ).
Apart from the lease agreement, your guarantor will have to sign a “guarantor agreement” confirming your responsibilities. If you can't make the repayments either, you could even lose your home if you used it as collateral for the loan by signing as a guarantor. UK Guarantor is a company that has been set up to act as a guarantor for students who do not have access to a guarantor. If an agreement extends to other terms of the lease, it is best for the guarantor to verify the lease agreement.
If the landlord seeks to enforce a guarantor agreement that contains an unfair condition, the guarantor could ask the court to decide whether the condition is unfair. Being nominated as a guarantor in a lease is a considerable responsibility, with a variety of criteria set forth. This assures the landlord that you will receive the money owed to you because if you don't pay the rent, you can ask your guarantor to pay. A guarantor is a person who will intervene and make the payment for you in case you do not pay a month of your debt.
Therefore, take the time to consider any request to act as a guarantor and only accept it if you are sure it is the right thing to do. With this in mind, it is important for the lender to know that any guarantor has the financial capacity to do so. However, you should only be a guarantor of someone you trust and are willing and able to cover refunds. Finding a guarantor for your loan application in the UK can be difficult, so it's important that you take your time and consider all your options thoroughly.
Therefore, if a property is still available in August, they are less likely to worry about a guarantor or receive full rent payment in advance and more concerned about filling the property before the start of the September deadline. It is entirely possible that the guarantor is a partner or spouse of the borrower, but it is important that the borrower and the guarantor demonstrate that they will be able to repay the loan payments independently of each other.