My husband is going to be guarantor for my son

Emmzi

sounds like this is a nice thing to do for your son. why not see it as an opportunity to build bridges by asking dad to tell him you know about the g'tee and give it your blessing?

it's only money. He's your blood...

JanCee

diggle wrote: »

Jancee.
On that same principle if he is old enough to have a tattoo,then he should also be solely responsible for his rental accomodation,although as i have posted i realise ,being guarantor is now the norm.
I also thought that maybe there were other alternatives available,eg a form of insurance that renters take out to insure landlords get their rent perhaps.
AS you may realise as yet we do not have the full facts to hand and i really would not like us to be Guarantor forever,regardless of being his parents for life..:D

diggle

I'm sure your son would prefer not to have to ask you to act as a guarantor & I realise it is a difficult situation for you but if your husband doesn't do it then who would?

ERICS_MUM

pleasedelete wrote: »

He is your son. If he was ill would you also want him to be homeless?

I think that most parents would do anything for their children. He has no poor credit and all he is asking is that you underwrite him. You mention an accident or illness surely if that happened he would come before hanging onto your savings?

Sorry but I am just amazed that this is an issue. He is your son!!!

A bit harsh methinks. I think there is a lot to consider

1. It's a big jump from living in this proposed flat to being homeless. Perhaps he should set his sights lower and rent a cheaper flat or house-share. Presumably he has left the family home to make his own way, so perhaps he could move back if need be. If he expects his parents to guarantee his lifestyle (i.e. he wants independence on his own terms but with his parents as a safety net) he should work with them so they are satisfied he can sustain it without being reliant on them except in extremis.


2. The OP and hubby might not have enough savings to support him over a long period without depleting their own safety net. The other alternative would be to borrow and incur interest. Most drastically they might have to release equity in their own home.

3. What is the legal position if the girl's parents are unable/unwilling to honour their guarantee should the worst happen ? Could the owner look to OP's son for the whole amount, potentially requiring the OP to pay the whole rent?

4. Perhaps the son and girlfriend should delay renting this flat until they have saved up a reasonable "cushion" that could support them for a few months in case of need.

It's a tough situation not to be entered into lightly. I know he is their son but it doesn't mean they should bail him out of every situation at risk to themselves. He doesn't speak to his mother yet expects her to guarantee him ? OK his father is named as guarantor but his and his wife's assets are joint (presumably) so she would be affected by association.

diggle

ERICS MUM,
All the above points you have raised are exactly what is going through my head.
Just because we can does it mean we should?without first considering the risk,impication.
I have no wish to do throw away comments thats not what this is about,but i personally would not be holding my sons hand if he chose to jump of a bridge,all options need to be considered.
Without going int detail i do believe if either of our siblings were to find themselves in debt ,my husbands first reaction would be to bail them out,whereas i would rather take the root of finding the advice and gudance to enable themselves to get out of it,therby in principle they would learn from it[i doubt it will ever happen,but nothing can be ruled out.]
the brief discussion with my DH last night involved him saying "what did i know about this letting agent?" to which my reply was likewise"nothing what do you know"basically what i'm trying to convey is just because he is our son does not mean we automatically sign on the line.
It's now my understanding the girl he is renting with is not his GF ,just someone he is renting with.
The letting agents letter asks my husband to be Guarantor of "the tenancy" which is why i am also concerned until we see something in writing ,as my son has said the girls parents are being 50% guarantors also.
Quite rightly as ERICS MUM presumed our assets are jointly owned,its not neccesarily about the money,but the potential risks involved.should add at this point we have been fleeced before by so called financial advise so my radars automatically come on where finances are involved.

Errata

It's now my understanding the girl he is renting with is not his GF ,just someone he is renting with.
The letting agents letter asks my husband to be Guarantor of "the tenancy" which is why i am also concerned until we see something in writing ,as my son has said the girls parents are being 50% guarantors also.

Either your son has misunderstood, doesn't know what he's talking about or is trying to pull the wool over your eyes.
Why would a letting agent ask a guarantor to guarantee only 50% of the rent when they can ask them to cover 100% of it. It makes no sense and I've never heard of it before - someone else may have. AFAIK a guarantor can restrict the length of their guarantee, but not the amount.

silvercar

Errata wrote: »

Either your son has misunderstood, doesn't know what he's talking about or is trying to pull the wool over your eyes.
Why would a letting agent ask a guarantor to guarantee only 50% of the rent when they can ask them to cover 100% of it. It makes no sense and I've never heard of it before - someone else may have. AFAIK a guarantor can restrict the length of their guarantee, but not the amount.

In a joint tenancy you have two (or more) tenants who are jointly and severally liable for the rent. So they would both be liable for all the rent ie if one doesn't pay, the other is still liable.

Each guarantor is liable for their child's liability. So each guarantor faces the same liability as their son. So if the GF failed to pay, the son would be liable. If the son then failed to pay the GF's share, the landlord could turn to both guarantors for payment. SO with two joint tenants and 2 guarantors, if any of the rent is not paid then there are 4 people the landlord can chase.

diggle

Thanks SILVERCAR
That makes sense,i have now spoken to the letting agents and feel somewhat relieved.
It transpires that normally they would have asked for 2 references but because my son and the girl need to move in immediately[he starts work on Sat]there was no time for this.Just like to add the letting agent was very helpful and explained length of lease,rent etc...so at this point in time i am feeling alot more confident about the situation.
Thank you once again for all constructive advice.x