Lettings Providing guarantor when our income enough?

luminated

On one LA's web site it states "having a Guarantor will increase your chance of success in being able to rent a property".


What's that all about?


We are both on state & occupational pensions & are looking to rent at well within our incomes maximum/s so why would they possibly want more security as pensions are for life unlike a job which (I guess) could finish at any time.


Does this type of statement need to worry me/us?

G_M

It is aimed at people whose incomes, references ad/or credit files mean that a landlord would be reluctant to risk letting to them.

Having a (financially sound) guarantor gives the landlord an additional person to fall back on legally if things go bad with the tenant.

But for tenants with guaranteed income, good references and good credit history, it is unecessary.

see also https://forums.moneysavingexpert.com/discussion/4917574

luminated

Thanks G_M


We have been with the same bank for 40 years, never an overdraft, no adverse credit or CCJ issues & never missed a rent payment. Boringly we stick to the rules so guessing this should make us good risks.

theartfullodger

Any landlord given the choice of just tenant to fall back on for rent or tenant plus a guarantor would do .. what, do you think??

People lose their jobs, get sick, have family crises: Letting is a risky business for landlords, as are all other businesses I know of, and steps to reduce risk can seem attractive to the wicked evil capitalist running-dog landlord...

Cheers & hope you find what you are looking for!