Tips needed to raise money for rental deposit

gazfocus

I am in the process of applying for a rental house but my guarantor has put a condition on being my guarantor - I must pay my 6 months rent up front plus the deposit of £575.

I have managed to sell things online and have raised the 6 months rent but now I am struggling to find the extra money for the deposit so I was wondering if anyone had any tips?

I do have a job but as I have had to pay utility bills, etc this month, I am now broke (apart from what I'm saving for the house).

Any advice would be great.

Sharon87

Why do you need a guarantor if you have a job? Usually you only need them if you are unemployed. Is it a part time job you've got or a full time job?

chewmylegoff

Sharon87 wrote: »

Why do you need a guarantor if you have a job? Usually you only need them if you are unemployed. Is it a part time job you've got or a full time job?

especially if you're going to be paying 6 months rent up front - seems odd that you would need a guarantor in those circumstances!

gazfocus

The letting agency require a guarantor regardless of employment status and any other circumstances. Also, I have a really bad credit rating which is why I am paying 6 months up front. The guarantor is to cover other things too like any possible damage to the house, etc.

Anyway, that's not really the issue

poppysarah

Your guarantor is being a bit mean.

Where are you living now?
could you apply for council?

jojo9239

Wow thats harsh!! I had to get a guarentor for mine but there would be no way i would pay 6 months rent up front as well!!!! Id definatly question that!!

amandajp_2

If your guarantor is insisting on you paying rent upfront, why not ask him if he would accept you paying five months up front plus the deposit (assuming the deposit is one month's rent).

Amanda

ClareEmily

OMG six months in advance, can't you find another guarantor like your parents? We are renting a property at the end of May and we are not paying a deposit as my mum and step dad have kindly agreed to be guarantors.

tbs624

Being a guarantor for someone is an onerous commitment and anyone agreeing to help you in this way is entitled to make specific requests. Presumably you either work with your guarantor or s/he won't agree to act as one for you.

Some people will agree to act as a guarantor because they know that the potential T *needs* to be able to tick the box with the LL/LA but they quite wisely IMO they want to reduce the likelihood of them actually having to cover the T's default on tenancy obligations.

It's good to see a guarantor looking at what is actually entailed - there have been frequent posts on here from people who have signed up as a guarantors and then say "surely I can't be made to pay this?" when the T defaults.

The OP has said elsewhere that s/he is currently living in a student house so is presumably in the early stages of employment and therefore more of a risk.

Mini_Bear

i would be careful OP, if your landlord goes bankrupt and you hav paid 6months rent in advance im not sure you will get it back. in these times 3 months rent is the maximum i would pay in advance.
also do u kno ur landlord is above-board, ie has a buy-to let-mortgage with consent to let? becuase in the evnt they dont u could be kicked out pretty quick (this has happened to my sister)

gazfocus

Mini_Bear wrote: »

i would be careful OP, if your landlord goes bankrupt and you hav paid 6months rent in advance im not sure you will get it back. in these times 3 months rent is the maximum i would pay in advance.
also do u kno ur landlord is above-board, ie has a buy-to let-mortgage with consent to let? becuase in the evnt they dont u could be kicked out pretty quick (this has happened to my sister)

Hi, Yeah I considered all that and specifically asked the LA what happens if the landlord goes bust - they told me they keep hold of the 6 months rent and just pay the landlord one month at a time. Also, the landlord has let this house for a minimum of 4 years so I would've thought he'd be above board otherwise something would've happened by now surely?