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guarantor for student son
shadow23
Posts: 1 Newbie
my son and his mates are letting a house in the city - and we parents are acting as guarantors. Fine except the letting agency is asking for bank statements, all sorts of photo ID as well as referrees and employment checks. It all seems a bit intrusive and I wondered if this is the norm??
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Comments
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They are probably just being prudent. Student lets have a high default rate so it is not surprising. The bottom line is they probably will not accept you as a guarantor if you don't give them the information.my son and his mates are letting a house in the city - and we parents are acting as guarantors. Fine except the letting agency is asking for bank statements, all sorts of photo ID as well as referrees and employment checks. It all seems a bit intrusive and I wondered if this is the norm??0 -
that is very much the norm for a guarantor given that you as an individual are underwriting the whole rent for the whole property, not just your son's "share"
Since his position is (normally) is to be jointly and severally liable for the whole rent, that means you are too, irrespective of whether the defaulter is your son or one of the others hence making sure you can afford it is rather important0
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