Acting as Rent Guarantor

bel2310

I am acting as guarantor for my brother who is renting a property. I have income from a part time job, and also from maintenance from my ex. Because the job income is not very high the letting agents have asked to see my bank statements to prove the maintenance amount going in each month.
Are they entitled to ask for this information? I am a little reluctant to supply it, am I being over cautious?

musey

Bear in mind if you act as guarantor and your brother defaults you will as responsible for the debt as he is. Personally as a Landlord I would not accept you as a guarantor.

silvercar

If you've agreed to act as guarantor you are going to need to show that you have money coming in to pay his rent. Presumably he needs a guarantor because he his insufficient income of his own, if you can't satisfy the landlord/ agent that you have the income, your brother is not going to get the property.

bel2310

He has a good income and will be able to pay the rent, the problem is he was made bankrupt in the past and tho the bankruptcy is now discharged he still has difficulties with credit etc. A warning to anyone who thinks bankruptcy is an easy option! As long as I know its a reasonable request I will forward details to agent. Thanks

F_T_Buyer

How common is it to have a guarantor for your tenants rent?

I've never been asked this, and if I was asked this I would not supply one. I would also not give any income details (if required I would write national average). I would however be happy for my employer to give a reference that I can afford the rent.

Also, I usually pay 6months rent up front to get a better rate, which may have something to do with it.

silvercar

F_T_Buyer wrote:

How common is it to have a guarantor for your tenants rent?

Common, if you can't show income of your own ie you have no proof you can afford the rent.

I've never been asked this, and if I was asked this I would not supply one.

Your choice, you may not get a property without it.

I would also not give any income details (if required I would write national average).

You mean lie!

I would however be happy for my employer to give a reference that I can afford the rent.

Also, I usually pay 6months rent up front to get a better rate, which may have something to do with it.

Probably has a lot to do with it, I would be happy to rent to someone who had an employee reference and 6 months rent.

F_T_Buyer

Thanks for your reply.

silvercar wrote:

You mean lie!

I wouldn't lie, i'll make that clear. Saying 'average' can mean anything anyway.

clutton_2

i can well understand your reluctance to disclose possibly sensitive information, but sadly, landlords have been cheated by tenants, and need to be sure they will not be cheated again. (I am not accusing you here btw !)

an employer is in no position to say whether you can afford a rent or not, as s/he does not know what your other financial outgoings are.

i always ask to see a wage slip or or two. If tenants are reluctant to prove to me that they can afford the rent, then i am reluctant to give them a property. This disclosure, for me, is more about openness and honesty than anything else.

i have offered homes to those with old CCJ's based on their current openess and willingness to answer questions and fill in forms for me. We all make mistakes in life, its how you sort them out that is the measure of the man/woman !

i get a guarantor for all my Housing Benefit tenants, because if they lose the right to claim HB, i lose my rent.

i have to prove to my Buildidngd Society that i can afford the mortgage, i dont really see there is any difference here.