Should I be their guarantor?

origin_of_symmetry

My sister and her boyfriend of 4 years are in the process of renting their first place together and I've been helping them at viewings etc to give them a bit of confidence. (They've both been living with respective parents up until now)

They've found their dream flat and have started proceedings with the agent to secure it.

They will obviously need to undertake a credit check and have the option to arrange a guarantor, should they feel they need one.

My sisters' boyfriends mother has declined their request to be their guarantor. I'm really their only other option because I earn over the agents requirement for a guarantor (our parents don't)

Should I be their guarantor? What are my legal rights in this respect? I know my sister won't let me down, but she is self-employed and not on a steady wage and her fella, although a lovely chap has had gambling issues in the past although he has been on the straight and narrow for a while. He is on a good wage and could comfortably take care of the rent on his own without my sisters contributions.

I could currently afford to take on their rent responsibilities if required, however that may change in the near future as I myself am looking to move at Christmas and I will be paying more rent (I'm currently at home with the folks)

I am slightly worried about the responsibility of being a guarantor, especially considering her boyfriends gambling past but I do want to help them out to get this place.

Some advice would be appreciated.

maninthestreet

origin_of_symmetry wrote: »

They will obviously need to undertake a credit check and have the option to arrange a guarantor, should they feel they need one.

My sisters' boyfriends mother has declined their request to be their guarantor. Should I be their guarantor? What are my legal rights in this respect? I know my sister won't let me down, but she is self-employed and not on a steady wage and her fella, although a lovely chap has had gambling issues in the past although he has been on the straight and narrow for a while.

I am slightly worried about the responsibility of being a guarantor, especially considering her boyfriends gambling past but I do want to help them out to get this place.

The fact his own mother has refused to act as guarantor should set alarm bells ringing.

mrbrightside842

Could you afford to pick up the pieces if they do let you down?

iolanthe07

This sort of thing generally ends in tears - just look at many of the posts on these boards.

poppysarah

No. get them to save up for a few months so they can put down a big deposit and a couple of months rent in advance.

poppysarah

origin_of_symmetry wrote: »

They've found their dream flat and have started proceedings with the agent to secure it.
My sisters' boyfriends mother has declined their request to be their guarantor. I'm really their only other option because I earn over the agents requirement for a guarantor (our parents don't)

I am slightly worried about the responsibility of being a guarantor, especially considering her boyfriends gambling past but I do want to help them out to get this place.

Some advice would be appreciated.

You don't need advice. You just need a good reason to say no.

Explain you're not in a good financial position yourself.

marking_bad

Being a guarantor is a huge responsibility, so I and others think you know your answer already.

If you could just get out of it when things turned sour, it would make a mockery of the whole guarantor system.

Cannon_Fodder

Follow his mother's lead.

I suspect her view is that if he has an easy get-out clause for any future financial mistakes, he will never learn.

Help them by letting them stand on their own two feet.

overandout_2

I would really suggest not to. It is risky and I would consider it if it is only your sister.....I wouldn't trust outsiders to be responsible with their money (especially one with gambling past)

welshy_2002

+1 for saying no here.. alarm bells started ringing when I read he had gambling issues.. tell them to save up for a few months rent

bumpybecky

I'm also voting no