being a guarantor

titchandmarsh

my daughter is moving in to a flat but as she is under 25 needs a guarantor. i have said i will be guarantor but the agent is asking for my full bank account details for a credit check. Does anyone know if this is reasonable?

thanks

bryanb

There's really no point in accepting a guarantor who is unlikely to pay up if the time comes that it's neccessary, so I guess it's reasonable.

Hectors_House

titchandmarsh wrote: »

my daughter is moving in to a flat but as she is under 25 needs a guarantor. i have said i will be guarantor but the agent is asking for my full bank account details for a credit check. Does anyone know if this is reasonable?

thanks

I would think this request was reasonable.

After all they need to know that you are in a position to cover any arrears/payment for damage etc. should they need to turn to the guarantor.

Geenie

As a guarantor you are saying that you will cough up any money that your daughter defaults on, so yes they need your bank details, else you could back out as well if money was owed.

poppysarah

titchandmarsh wrote: »

my daughter is moving in to a flat but as she is under 25 needs a guarantor. i have said i will be guarantor but the agent is asking for my full bank account details for a credit check. Does anyone know if this is reasonable?

thanks

Do you understand the reason they ask for your bank account details? It's so they can take money from you if she doesn't pay the rent.

Rossa_3

They need to do a credit check on anyone liable for the rent and that includes your daughter. These days it is a standard procedure as the landlord expects the agent to check that the prospective tenant is creditworthy. Signing a rental agreement is very similar to any other loan/credit agreement in the sense that there is a deposit and an expected number of payments over a period of time. And they could only take money from you if your daughter defaults. And that could only be if you had signed a direct debit form or something. I've never heard of an agent being able to "help themselves" from an account without prior notification. If they did I think you would have a good case under the Banking Code of Practice as it is unlikely they would have your signature agreeing to them removing any funds.

MX5huggy

No its not resonable. As a T I have never been asked for my bank details, I have been asked for a bank reference (that was a waste of money A&L said I had an acccount!). No LL or LA I have used as T has had my bank account number execpt if I paid by cheque.

poet123

We have just acted as guarantor for our student son and had to havea credit check. This is the first time this has happened,we took it as a sign of the times and bit the bullet,although we were not particularly happy. They do not have our account details yet though,although I suspect as we will peobably pay by DD we will give them.

Geenie

poet123 wrote: »

We have just acted as guarantor for our student son and had to havea credit check. This is the first time this has happened,we took it as a sign of the times and bit the bullet,although we were not particularly happy. They do not have our account details yet though,although I suspect as we will peobably pay by DD we will give them.

It is a sign of the times unfortunately, and this is what other posters are missing.

clutton_2

of course a LL needs bank details - sadly it is all part of the finding a Guarantor process - how will the LL get paid if the guarantor has no bank account and no funds ? i ask all my tenants and guarantors for bank account details - and then check them out. there is a website where you can input someones alleged bank sort code and account number and see if their details come up - if they dont, then you know they are telling you porkies and why would you want them ?

i know some tenants find this very instrusive, but, if you buy a house you are expected to provide much more details than this...

in these days of money laundering etc - it is now the norm