Guarantor on tenancy

Madmonk

Hi, my son is at Uni and is sorting out his accommodation for next year. He needs a guarantor for the tenancy (which is a share between him and 2 others), unfortunately as my husband I are both discharged br's we won't be allowed to do it! So we have to find someone else for him, can someone give me an idea as to what the conditions might be for someone to be his guarantor. For instance could his 19 year old sister who is working full-time be it (she's been working fulltime, since September 09)? Or does it need to be someone older? Does each letting agent have different criterea for a guarantor?

Thanks

MM

BitterAndTwisted

A guarantor can be anyone but they will need to pass the credit-checks to ensure that they can meet the comittment that they will be signing up to. How would your 19 year-old daughter be able to pay all of her own living expenses plus all of the rent for the entire term of the agreement?

Madmonk

That wouldn't be a problem since she still lives at home and her only expenses are personal ones. But she probably doesn't have much of a credit history since she has no loans or credit cards. She does have a mobile phone on a contract. The worry is that if my son puts his sister down and she's refused due to lack of a credit history what happens then? We have a friend who put her parents down and they were refused and she ended up having to pay 6 months rent upfront, there is no way our son could manage that .

MM

FATBALLZ

Being a guarantor is for mugs. Be suspicious of anyone who asks for one.

Blackpool_Saver

guarantor usually has to have sufficient income to service the rent should you be unable, my aunt and uncle although having a huge house have little income and were offended at being rejected as a guarantor for me, in the end i borrowed 6 months in advance...........

Blackpool_Saver

FATBALLZ wrote: »

Being a guarantor is for mugs. Be suspicious of anyone who asks for one.

Grossly offensive remark.

BitterAndTwisted

Madmonk wrote: »

The worry is that if my son puts his sister down and she's refused due to lack of a credit history what happens then? We have a friend who put her parents down and they were refused and she ended up having to pay 6 months rent upfront, there is no way our son could manage that.

It's highly unlikey that your daughter will pass the credit-checks for the reason you have given. The only alternative will be 6 months rent in advance plus a deposit. Presumably this is the sort of expense his student loan is supposed to cover

FATBALLZ

Blackpool_Saver wrote: »

Grossly offensive remark.

Actually it's financial common sense. If more people took care to understand what they were signing up to this country wouldn't be in the mess it's in - people need to realise there are sharks out there who will try to get you to sign anything to make a few quid.

moromir

FATBALLZ wrote: »

Actually it's financial common sense. If more people took care to understand what they were signing up to this country wouldn't be in the mess it's in - people need to realise there are sharks out there who will try to get you to sign anything to make a few quid.

Your posts get more and more ridiculous as time goes on. This nineteen year old lad is trying to secure uni digs, I'm pretty sure ruining his sister's credit history isn't on the cards, since the OP is actually asking for advice as to what a Guarantor's liability actually is, thus understanding what someone will be signing, this makes your "point" somewhat void doesn't it. I'm not quite sure who you think is getting "a few quid" in this scenario either, or is this an additional character you've invented for dramatic effect?

I presume you are one of these trolls I have often heard of but have luckily avoided thus far, please take your ill informed spewings elsewhere.

gamez-over

A guarantor is usually required to have a salary that is equivalent to at least 3 x the annual rent at the property.

Blackpool_Saver

FATBALLZ wrote: »

Actually it's financial common sense. If more people took care to understand what they were signing up to this country wouldn't be in the mess it's in - people need to realise there are sharks out there who will try to get you to sign anything to make a few quid.

Listen to me you ignoramus, my aunt, uncle and I are educated intelligent people, I and they knew exactly what what being a guarantor entailed, I am perfectly able to pay the rent and the only reason I needed a guarantor was because I have some benefit income, my credit is perfect.
How dare you imply we are dumb and I need to be told to read something before signing it.