To stand as guarantor

Cheeseface

I'm really surprised that you've managed to find somewhere this close to September. Most of my son's uni friends were searching back in January, and all agreements done by March. I suspect that you may have had less trouble if he'd found a property sooner. I'm pleased that it's sorted now though.

csgohan4

Mela322 wrote: »

I'm really surprised how many are dead set against helping their children when they have worked so hard to get into uni. Whatever happened to trusting your own child?

Never heard of the term money and family shouldn't mix?? Because when it goes wrong, it goes royally wrong. People do silly things when their young, are you happy to pick the pieces and suffer financially?

silvercar

csgohan4 wrote: »

Never heard of the term money and family shouldn't mix?? Because when it goes wrong, it goes royally wrong. People do silly things when their young, are you happy to pick the pieces and suffer financially?

Generally I would agree with you, but given that refusal often means your offspring living in sub standard accommodation with strangers for a year, I would give some leeway in this situation.

Anyway, I'm glad it has worked out for OP. 2 questions:
1. Are his housemates also paying 3 months in advance or do they have guarantors. If the latter are their guarantors aware that your son doesn't have one.
2. Is your son required to pay 3 months in advance though out the tenancy?

hazyjo

This current thread (https://forums.moneysavingexpert.com/discussion/5655798) is one reason why many don't want to act as guarantor. Not a case of 'trust' or them 'being good with finances'. Some quit, change course, don't get on with other tenants...


We see these sorts of threads regularly on the board which is probably why us long-termers know it's right to be cautious.


Jx

silvercar

hazyjo wrote: »

This current thread (https://forums.moneysavingexpert.com/discussion/5655798) is one reason why many don't want to act as guarantor. Not a case of 'trust' or them 'being good with finances'. Some quit, change course, don't get on with other tenants...


We see these sorts of threads regularly on the board which is probably why us long-termers know it's right to be cautious.


Jx

One thought, if your offspring ends up with debt like in the post linked above, will you bail them out to avoid them starting their working life with a CCJ? If so, then you have nothing to lose by standing as guarantor.

hazyjo

silvercar wrote: »

One thought, if your offspring ends up with debt like in the post linked above, will you bail them out to avoid them starting their working life with a CCJ? If so, then you have nothing to lose by standing as guarantor.

I don't have kids, but am guessing I would lend it, not pay it. But only until they were in a position to pay for it out of their student loan (presuming they had one) or they can get a part-time/summer job.

steampowered

csgohan4 wrote: »

Never stand as guarantor for anyone, money and family should never mix. Often these contracts mean your the guarantor for the whole flat including for the student strangers.

Back in the real world, you need to be a guarantor to enable your children to have the ability to rent accommodation at university.

As well as topping up their student loan - since in many cases it doesn't even cover the most basic living expenses.

Mela322

hazyjo wrote: »

This current thread (https://forums.moneysavingexpert.com/discussion/5655798) is one reason why many don't want to act as guarantor. Not a case of 'trust' or them 'being good with finances'. Some quit, change course, don't get on with other tenants...


We see these sorts of threads regularly on the board which is probably why us long-termers know it's right to be cautious.


Jx

That is a case of the parent making the choice to move her out of the house. His daughter didn't make that choice.


And yes, I would be prepared to pay financially. That's my child that needs help, not due to a financial need but a housing need, but I also know my child and completely trust him. And 3 years he showed us that he was still trustworthy.

To the OP...fantastic update. So happy it all worked out.

Marvel1

Mela322 wrote: »

I'm really surprised how many are dead set against helping their children when they have worked so hard to get into uni. Whatever happened to trusting your own child?

Are you thick?

Also see this thread: https://forums.moneysavingexpert.com/discussion/5667557 - nice Son/Brother they have.

Lord_Baltimore

Lijong wrote: »

He's pleaded with the LL today and they will accept 3 months up-front as a guarantor. They wouldn't do this last week but if they don't they all walk and he doesn't get his house rented. I'd like this situation to have been guarantoring myself but listening to advice it seems not the best thing to do given he covers the other two students rent too. Obviously health and work-wise I can't but this has been months and everyone he's previously asked have declined his up-front offers. This is the 5th house he's seen, no 6th one this year and finally one's allowed him some grace.

All sorted now, thanks everyone xx

Excellent! The original solution turns out to be a winner and none of that nasty guarantor nonsense will weigh upon you. None of us mind 'guaranteeing' our own kids but I'm darned if I'll guarantee anybody else's.

I suggest anyone who is a guarantor takes a good look at what it is they have signed up to.