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Being a Guarantor

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  • LandyAndy
    LandyAndy Posts: 26,377 Forumite
    Part of the Furniture 10,000 Posts
    LoveLifeAgain wrote: »
    Excellent move, never be a guarantor to anyone - ever.


    And see your children unable to rent accommodation while at university.
  • Mojisola
    Mojisola Posts: 35,571 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    cjdavies wrote: »
    I was just asked by my cousin to be his guarantor for a rental property. Reason being his credit history was not good enough due to the past, but now has a job, and as his and his GF are both paying £400 each rent on their current properties, they are moving in together and the rent is £550.

    If you want to help them, would you be a position to offer six months rent upfront and see if the LL would accept that instead of a guarantor?

    They could pay you back at £800 a month and quickly clear the loan.
  • ScorpiondeRooftrouser
    ScorpiondeRooftrouser Posts: 2,851 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Combo Breaker
    LandyAndy wrote: »
    And see your children unable to rent accommodation while at university.

    The difference there is that if your children run out of money at university, you are (generally) actually prepared to just pay their rent for them.
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