Would a guarantor help......

BoingBoing_2

I need to move out of my current rented house by august (end of lease) as this house is now way too small. Been here 2 1/2 years so far and never missed a payment but my credit rating is awful (1 star). Current landlord is private, but after looking around I cant seem to find any decent accommodation through private atm so I was wondering if having my parents as my guarantors would increase my chances of getting a lease through an estate agency?

A friend told me about a property coming on the market in a few months that sounds perfect for me but if I dont stand a chance of passing the credit check I'm not sure what my options will be!

Any advice or suggestions are gratefully recieved...

1066Kopite

See the guarantee post just below.

BoingBoing_2

I did ask the question in that post lol but felt like I was hijacking his post, so started my own

1066Kopite

Having a guarantor will help you in theory but if you ask your parents, consider what happens if you default. They then have to pay. They possibly fall out with you. They possibly sue you to recover the money.

Think carefully.

foolishme

are you sure you want to risk bad feeling with your family if things do go wrong???

the thing is we just dont know what is arond the corner.

i became guarantor because this lady had only been in her job for 4 mths. i wasnt overly concerned because she was a teacher and had been employed for a number of years.

but it looks like i got it wrong cuz now im being chased for her money.

if you have a roof over your head and there is no desperate reason why you need to move then stay put and look at improving your credit. it will get better!!!!

foolishme

oops soz 1066 i seem to have repeated your sentiment, i just took me 4eva to finish that post!!

1066Kopite

Great minds think alike foolishme:T

BoingBoing_2

Good points, but I feel we do need to move. We're in a 2 bed semi so my partner and I have 1 bedroom, and my kids (boy and girl) are sharing the other room. My landlord is concerned too about the house being overcrowded plus he's putting the rent up from august by £55 a month. The house my friend told me about has 3 bedrooms and will only cost £85 a month more.

I agree we can never predict what is just around the corner, but unless we both get sacked from our jobs, we should be able to afford the rent easily as I managed to afford the current rent on my own for 2 years

(PS is there no spell check on here? My spelling seems to get worse with each message tut!)

1066Kopite

Have you tried to get the property without the need for a guarantee?

rosysparkle

If you can get a good LL ref and good employment refs then you may get an accept for a lettings agent ref, depending on what your credit history shows.

An unsatisfied CCJ would be a problem for letting referencing, but a satisfied one (with a cert of satisfaction) would be referred but wouldn't be a straight fail.

It might be an idea to talk to an agent in your area and explain to the member of staff who deals with applications what your credit history shows, and see if they can advise you if you (and/or your partner) would pass the referencing process.

If your refs came back accept with guarantor, you'd have to find someone who would be prepared to do that for you, but it's a big ask. Would you be able to raise 6 months rent upfront? Plus deposit and application fees. That may avoid a guarantor if your refs don't come back with a straight accept.

BoingBoing_2

The property is not on the market just yet, but no, i've not tried as I feel my credit rating is just too low to hope it would be ok