gurarantor

glamrochick

some places ask for guarantors which is annoying. .1 said since i am self employed they would need a guarantor . any places who dont ask for it? would the guarantor just sign something? i am responsible for rent and wanna make sure i can always pay it , not ask someone else

maninthestreet

A guarantor would be underwriting your ability to pay the rent with their own money.

glamrochick

i wanna pay it on my own.. will make sure i do.. do most places ask for them these days?

19lottie82

glamrochick wrote: »

i wanna pay it on my own.. will make sure i do.. do most places ask for them these days?

unless you can provide accounts form your business that show you have earned enough to afford to pay it. there is a certain ratio that is usually used (think it is somewhere in the region of 3 x annual rent?), and you must show that this has been coming in for a certain time period. (a year?)

if you can't prove this then they will ask for a guarantor. I'm guessing you can't, as they have asked?

How much is the property you want to rent, and how much profit did you make in the last financial year? Do you have documents from your accountant?

All letting agents wil ask, and most landlords. A few private lanlords might not, but they will prob be in the minority, as most need more than a verbal promise that their rent will be paid!

sandsni

If you are self-employed, do you have any paperwork that shows your regular earnings? The reason you are being asked for a guarantor is because the agencies/credit referencing companies don't consider your income to be enough or regular enough to make you a good risk. ie they think you may not earn enough to pay the rent regularly for the period of the fixed term. If you could prove your regular income (eg bank statements, accounts from the business etc.) from your self-employment they might reconsider the need for a guarantor.

monty-doggy

I understand you say you want to pay it on your own, however as long as you do pay it, the guarantor is irrelevant! If its required to get the property you want, I would just do it, and make sure you never ever need it!