Guarantor for Renting

Glitterari

I will be moving from London to Norwich with my boyfriend in September. I will be a post-grad student undertaking an MA. OH will be working full-time when he finds a job up there. Over the past year we have worked really hard, me at paying off my debts (as seen in my sig) and OH with saving up for the move. I moved in with my OH and this family last year, OH has never lived away from parents before, I have lived in halls and house-shares.

Neither of us has rented our own place. As I will be a student (although a mature one!) when I go up there, it's looking likely that we or I will need a guarantor in order to get a tenancy.

I don't have anyone at all who could act as guarantor for me in my family, but there may be someone in OHs family. What I want to know is - the guarantor, do they need to have a good credit record or what is the criteria for a guarator other than being willing to take the chance that they will have to pay for our rent if we don't. Will credit checks be done on them also? If anyone could give me a bit of advice on this that would be fantastic because I am just stressing so badly at the moment!

Thanks - C x

silvercar

credit checks should be done on them, possible instead of on you, as they will be liable for the rent if you default.

Debt_Free_Chick

Glitterari wrote:

Neither of us has rented our own place. As I will be a student (although a mature one!) when I go up there, it's looking likely that we or I will need a guarantor in order to get a tenancy.

Why do you think you'll need a guarantor? Normally, this is not the case if you both have good credit records. Landlords don't normally look at affordability - just your credit record.

Have you been told you'll need a guarantor?

Glitterari

Debt_Free_Chick wrote:

Why do you think you'll need a guarantor? Normally, this is not the case if you both have good credit records. Landlords don't normally look at affordability - just your credit record.

Have you been told you'll need a guarantor?

Mainly because I will be a student - as soon as I say the S word...

i know that it is not a certainty, but I just want to cover my back because I really do not have anyone on my side that could act as guarator. I just want to know what they look for in a guarantor - I'm guessing that there is no point in having a guarantor with an even more appalling credit record than my own!

Debt_Free_Chick

Glitterari wrote:

Mainly because I will be a student - as soon as I say the S word...

i know that it is not a certainty, but I just want to cover my back because I really do not have anyone on my side that could act as guarator. I just want to know what they look for in a guarantor - I'm guessing that there is no point in having a guarantor with an even more appalling credit record than my own!

It seems odd to me as the Landlord shouldn't care how you split the rent between you. If you can't afford your share, then the Landlord will simply expect your partner to pay the whole lot.

Similarly, however, if he doesn't pay ... then you are liable for the whole lot! Actually, that's probably why you might need a guarantor.

Is there any reason why your partner can't take the tenancy, alone, in his own name? Might solve the problem

Glitterari

Hmmm, I don't know. TBH we haven't even gone looking at places yet (end of July!) so we will have to cross that bridge when we get there...

Bossyboots

My son had to rent when he did his work placement in his uni 3rd year. He moved to Oxford with his girlfriend. They had no problem finding a flat and being credit checked for the rent. My son was the only one with a job to go to.

They failed their credit check simply because being so young, they just didn't have enough trackable history. I agreed to guarantee the rent and I was credit checked and my employers were contacted for a character reference and as proof of my income.

Tassotti

Debt_Free_Chick wrote:

It seems odd to me as the Landlord shouldn't care how you split the rent between you. If you can't afford your share, then the Landlord will simply expect your partner to pay the whole lot.

Similarly, however, if he doesn't pay ... then you are liable for the whole lot! Actually, that's probably why you might need a guarantor.

Is there any reason why your partner can't take the tenancy, alone, in his own name? Might solve the problem

Most Landlords will issue an AST where both tenants are 'joint and severably liable' for the rent. What if the couple spilt up and the other half moves out?

Credit checks will be performed on all adult tenants and the guarantor.

Affordability definitely comes into it. Also, the affordability of the guarantor will be taken into account.

As an aside, I reckon Letting Agents make a killing out of credit checks. An agent I know charged £70+VAT per person (2) for a credit check they knew the applicants would fail!!

Rough

Glitterari

I know, I am worried about paying fees and stuff only to be turned down for whatever reason. Anyway, we asked OH's Mum last night - she has agreed to be guarantor. I don't think she has an adverse credit history - she is very careful with money and pays all her bills on time. As far as I know she hasn't got any credit cards or loans, and she's on about 20k pa. We'll just have to wait and see I guess.

Thanks for all the replies everyone!

C x

enor

We're in the process of renting a house at the moment. We had to give my salary details on the application form and because they are quite low, we have had to have a guarantor before even the credit checks have been done.

We only paid one set of fees though. So we haven't paid any extra for more credit checks to be done on the Guarantor though! So perhaps this is included in the first lot of fees or they not going to credit check us at all?

F_T_Buyer

It amazes me how strict it is to rent a property, yet you could buy one on a self certified mortgage and not show any proof of earnings.

I personally would refuse to show my income details, I would however allow a credit check, and would consider paying the first 6 months up front.