Joint Tenancy / Guarantor or Avoid altogether?

jo2670

Hi Everyone

I have been asked to act as a guarantor for a close male friend of mine.

Having looked into it I am wondering if being a joint tenant is a better option.

He has ccj's which prevent him from securing a tenancy alone. He is in full time employment, I am a home owner in full time employment, so I am a good candidate, so to speak.

I am worried I am letting my heart rule my head here - I have 3 kids at home and financial commitments of my own. I am all for altruistic acts but, from other people's experiences, is this a bad idea?

I would appreciate your feedback and / or comments.
Jo

jenny_13

If you search there has been wuite a few threads about this in the past with people having problems.

I understand you want to help your friend out but could you cope if he stopped paying the rent and you were chased for it?

I'm not sure if a joint tennant would give you any more power but I'm sure that someone will be along with more advice.

Good luck whatever you do.

jo2670

I am sure I could cover the rent for a short period ... I just wouldn't want to have to . I would be banking on the landlord kicking him out super quick !
Jo

Radiantsoul

It might be a bad idea.
Can you afford to pay the amount you are guaranteeing?

Fire_Fox

Once you sign a guarantor form you are agreeing to cover the rent for the duration of the tenancy which could conceivably be years! If you are covering the rent why would the landlord evict the tenant? It is perfectly possible to rent with a CCJ, but you would normally need to avoid letting agencies - lodger arrangements would be available or other private lets.

clutton_2

""Once you sign a guarantor form you are agreeing to cover the rent for the duration of the tenancy"

AND any breaches of tenancy.... such as repair bills, and court costs if the landlord has to go to court to get him out.....

unless you are Very sure of his financial education and also very sure that you could cover up to 3 months rent + court costs - i would think very seriously...