Guarantor

vscared

My OH and I filed for BR at the end of July. House is in negative equity and we have a secured loan, so we are handing back the keys.

We will be looking at rental properties shortly and I wonder if anyone knows anything about guarantors? Does the guarantor have to be working full time and own a house? Or can they just own a house? For example, can my retired in-laws act as our guarantor or do they have to be working?

We also don't want to pay six month deposit (we are bankrupt so obviously don't have thousands of pounds to hand for this).

Does anyone have any advice please? We live in Nottinghamshire.

peachyprice

Hi V,

It really depends on the letting agent and the reference agency they use. The one we were going through the guarantor needed to earn 3 x the annual rent. However, we would have been able to have more than one guarator to add up to the guaranteed figure, so for eample if the figure was £40k, we could have 4 guarantors each earning £10k .


Not all letting agents/LL's will ask for 6 months deposit. Some are either 6 months, or guanantor, others want the lot. Some need neither. Unfortunatley every LA you walk into will want something different, and it all has to be agreed with the LL.

purplepinhead

Hi, When I have rented my mum and dad have been guarantor, they are retired, It also depends on letting agent and i would ask them this first thing and be honest with them. Some will be fine as long as they have the rent, In the past I have had to put 6 months up every 6 months. :eek: