Guarantor - Bank Statement?

YKay

Does a guarantor need to provide a bank statement? If so, is there any ways around this?

My guarantor made clear to me, he IS NOT giving his bank statement to anyone. He gets a good private pension and is a house owner, maybe proof of them 2 may be good enough?

Pixie5740

How long is a piece of string?

It very much depends on what the landlord, or letting agent acting on his/her behalf asks the guarantor to provide. Sometimes that could be bank statements, sometimes it could just be proof of income.

DCFC79

Ask the landlord/letting agent in question.

YKay

DCFC79 wrote: »

Ask the landlord/letting agent in question.

Asking for person experience so that I can ask them "can I not offer this instead?"

HappyMJ

YKay wrote: »

Does a guarantor need to provide a bank statement? If so, is there any ways around this?

My guarantor made clear to me, he IS NOT giving his bank statement to anyone. He gets a good private pension and is a house owner, maybe proof of them 2 may be good enough?

Fair enough. You need enough alternatives to prove affordability though.

Proof of amount of pension paid would be good.

Proof of unencumbered home ownership would be good. I would check that with land registry myself rather then relying on whatever documentation the guarantor provides. It only costs £3 to check. If the land registry show charges and mortgages you can then ask for statements covering those charges.

You can't check for unsecured loans and credit cards but paying rent trumps unsecured debt repayments so I wouldn't worry too much about that.

I would also ask for a council tax bill from the guarantor to show they live in the property they claim to live in.

Thrugelmir

YKay wrote: »

My guarantor made clear to me, he IS NOT giving his bank statement to anyone.

Then one wonders why. Without transparency there's no value.

theartfullodger

YKay wrote: »

...My guarantor made clear to me, he IS NOT giving his bank statement to anyone. He gets a good private pension and is a house owner, maybe proof of them 2 may be good enough?

Really?? Without seeing his bank statement how would you know?? He might have no private pension & be living off immoral earnings or be one of those rare gamblers who actually makes money (ah, but for how long eh??)

It is entirely up to the person wanting a guarantor what he needs from them. Could be nothing, a signature or a whole load of stuff, paperwork, credit & land registry checks (I'd go for the last lot myself, on a "Deed of Guarantee", as how else would I know the guarantor was OK??)

btw I'd not be a guarantor: Too much of a blank-cheque!

G_M

A guarantor is only any use if he can be shown to be a btter risk than the tenant.

Most LLs/agents will want to carry out the same vetting process that they undertake with tenants. This varies between LL/agents but typically

* ID check
* credit check
* income verification

Additionally a home owner is a plus for a guarantor.

Ofer as much of that as you can ans see if it saisfies the LL/agent.

YKay

theartfullodger wrote: »

Really?? Without seeing his bank statement how would you know??

Proof of income doesn't just have to be proved by bank statement. That's how they would know.

HappyMJ gave a good example of that.

YKay

YKay wrote: »

Proof of income doesn't just have to be proved by bank statement. That's how they would know.

HappyMJ gave a good example of that.

His application has been sent off, and so far, no sign on the requesting anything further.

Thrugelmir

YKay wrote: »

Proof of income doesn't just have to be proved by bank statement. That's how they would know.

Banks statements show far more interesting information than proof of income. Income is verified from other sources of information.