Renting property from yr2 on!

I'm interested to hear from students who haven't got rich parents and have not been able to find a guarantor for their accommadation from yr2 on. What have they done, we have major problems with my son and his girlfriend neither of which have been able to supply a guarantor for next year (Due to parents br's). All of the landlords seem to want a guarantor or 6 months rent up front! How have others managed? Luckily my son's Auntie has offered to be his but he feels unhappy asking her to do it!

MM
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  • Lokolo
    Lokolo Posts: 20,861
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    I asked my gf for mine. Although she is an ex now. That could be awkward....

    I haven't needed one for my uni house though.
  • pjcox2005
    pjcox2005 Posts: 1,014
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    Hi, doesn't directly answer the question but perhaps look at options to pay in one go.

    I know a number of friends who did as they got offered 5% discount to do so. If this can be financed either through student loan, cheap bank loan (i.e. less than 5% - not sure if possible) or a 0% credit card (check they don't class it as a cash transaction) then the issue would be resolved and they would also make a saving.
  • Madmonk
    Madmonk Posts: 507 Forumite
    How about this - my son's girlfriend has just spoke to the Uni's Accommodations advice line, only to be told she should try smiling and fluttering her eyelids and she might be able to persuade them to do without a guarantor! Can you believe that a so called advice line would say that to a 19 year old!

    MM
  • Lokolo
    Lokolo Posts: 20,861
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    Madmonk wrote: »
    How about this - my son's girlfriend has just spoke to the Uni's Accommodations advice line, only to be told she should try smiling and fluttering her eyelids and she might be able to persuade them to do without a guarantor! Can you believe that a so called advice line would say that to a 19 year old!

    MM

    Don't see why not, plenty of 19 year old girls do it to get free drinks in bars and clubs! :D
  • Madmonk
    Madmonk Posts: 507 Forumite
    Very helpful - the young ladies you know might but this one won't!

    MM
  • My fiance & I rented a house in his 2nd year & paid an extra 'security deposit' is additional to normal deposit rather than give a guarantor. This money we had to borrow of his mum for a while but as we were perfect tenants, paid everything on time & kept the house nice the extra deposit was returned to us after a year. We even managed to get them to add onto the contract that the interest would be given back to us also (were they normally would keep it).

    If they are able to cover the rent & bills & are comfortable in the knowledge of this then there should be no problem & they should accept their aunts offer. So long as they can cover the rent it will be nothing more than a name on forms for the secureity of the agency/landlord.
  • Madmonk
    Madmonk Posts: 507 Forumite
    Thats why they want an extra 6 months rent instead of a guarantor - which she doesnt have!

    MM
  • The security deposit was about 2 months of our rent (and with our area that was about £1100). I'm afraid their options are very limited then. Its either somehow find the money (and I know from experience the stress and struggle this can be to try and find), or accept their aunts offer. Like I said, if they cover bills fine then they've nothing to worry about. I understand him not wanting to accept her offer, I hated borrowing money from my fiances mother, but if they want to rent thats pretty much their only choice. If they budget right its a great experience & step into the big wide world.
  • MrsManda
    MrsManda Posts: 4,457 Forumite
    I understand him not wanting to accept her offer, I hated borrowing money from my fiances mother, but if they want to rent thats pretty much their only choice.

    And accepting his auntie's offer isn't borrowing money, it's just accepting her name on the contract. Providing he budgets OK then the guarantor isn't needed. My friend's dad acted as guarntor for everyone in our house. We each set up a DD to pay the rent and never needed to use the guarntor at all.
  • MrsManda wrote: »
    And accepting his auntie's offer isn't borrowing money, it's just accepting her name on the contract. Providing he budgets OK then the guarantor isn't needed. My friend's dad acted as guarntor for everyone in our house. We each set up a DD to pay the rent and never needed to use the guarntor at all.

    Exactly (I never did get why my fiance would prefer to borrow the money than have her name on the contract lol)
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