I can't get a guarantor - any ideas?

SuzySu

Hi

My MARAS check has come back saying I need a guarantor, but I don't think I will be able to get one.

The only reason I need one is because I missed a mortgage payment (but this outstanding amount will be covered by the sale of the house).

Does anyone have any ideas of what I can do next? Could I speak to the landlord and would they be able to accept me, even if I can't get a guarantor?

Thanks.

ruggedtoast

It depends on the landlord, every landlord wants a fully referenced tenant with guarantors and 6 months of bank statements and pay slips to back up their glowing Experian report, some of them are more realistic about whether they'll get this than others.

If you offer to pay a bigger deposit that would probably help.

SuzySu

I suppose what I am asking is can they take me as a tenant, even though the report says I need a guarantor? From your answer I take it as yes, although it is up to them.

tbs624

Always ask to speak direct to the LL. LLs don't generally want voids in their properties and sometimes these things *can* be up for negotiation.

However, one of the problems is that some LLs use a specific insurance policy requiring a certain level of rating on potential tenants' checks - if they can't get the insurance cover the LL won't want to take the risk. If the report says" guarantor required"
and the LL went without getting one he would not be able to get cover.

Also the fact that you missed a mortgage payment on your own home may flag up warning lights to a LL - maybe you'll also miss the odd rent payment?

As ruggedtoast says, maybe offering a larger deposit is one way forward

N79

By all means talk to the LL. However, as has already been mentioned MARAS provide insurance for LLs to cover unpaid rent. If you fail the reference then there is no insurance for the LL (the LL pays extra for this insurance - it is not included in the referencing fee.) In my case if MARAS will not insure the T then I will not offer a tenancy.

Another option might be to pay the fixed period rent up front. I would think this was more likely to tempt a reluctant LL than an increased deposit.

mlz1413

Good advise from above posts, I'd go with offering the 6 months upfront, this gives you time to pay off the owing mortgage money and keep up a good payment record - which should in turn give you a better credit report.