Rental Guarantor for Son

Bartmag

My son and his girlfriend are looking to move into a flat within the next couple of weeks.
The landlord has asked for a guarantor and my son has asked me.
Would love to do it for them BUT I have a pretty bad credit history, CCJs etc.
I presume that the landlord will do a credit check on me ??

LandyAndy

You should ask yourself if you are able to pay the rent in full and on time for the duration of the tenancy and pick up the bill for any damage. If you can't readily do that then politely refuse. If you can do it then you should probably refuse anyway.

hazyjo

If they split and she leaves, would he be able to afford it on his own? I'm presuming not, in which case I'd (regretfully) have to say no. Usually you have to be earning a certain amount to be a guarantor. Maybe check the terms/criteria to see if there's a straightforward reason why you can say no.

Bartmag

I work with my son and am aware of his income etc, he will have no problems meeting any financial requirements. Unfortunately, as he was studying for 5 years for his degree in biochemistry while his girlfriend studied creative writing neither have any credit history, hence the need for a guarantor.
I would like to do this for them but worried my credit score will effect them

Comms69

Bartmag wrote: »

I work with my son and am aware of his income etc, he will have no problems meeting any financial requirements. Unfortunately, as he was studying for 5 years for his degree in biochemistry while his girlfriend studied creative writing neither have any credit history, hence the need for a guarantor.
I would like to do this for them but worried my credit score will effect them

They don't see your credit score (which is made up), nor your credit history.


The ONLY reason they need a guarantor is because they are young. Neither the LL nor the agent will know their credit history.

Bartmag

My son has just gave me the guarantor form to fill in. Asking for my last 3 months payslips and bank statements, a bit OTT for a bloody rental methinks

hazyjo

Bartmag wrote: »

My son has just gave me the guarantor form to fill in. Asking for my last 3 months payslips and bank statements, a bit OTT for a bloody rental methinks

Sounds fair enough to me - they need to know you can pay until the end of their contract if the tenants can't. It's quite a big commitment.

MEM62

Bartmag wrote: »

Asking for my last 3 months payslips and bank statements, a bit OTT for a bloody rental methinks

You wouldn't think so if you were the landlord.

nyermen

Bank statements etc are normal, yes they're intrusive, sadly that's the way they do it today.
Few things:
1) Bear in mind that they don't (normally) have access to your credit history as they're not creditors (hence they want bank statements), all they can do is check public records eg. for CCJ's etc.

2) Please tell me you've got a copy of the proposed contract before you send them any info. Check it all looks okay before you start sharing such information.

3) Is it a flat just for them two? Not shared with anyone else? If it is shared, then do not be signing anything that is joint and severally liable, as you'll be liable for all tenants if any of them don't pay, not just your son. Nasty little catch that has appeared on the forums here from very worried parents on several occasions (yes, they were liable for all parties it turned out...)

Silvertabby

hazyjo wrote: »

If they split and she leaves, would he be able to afford it on his own? I'm presuming not, in which case I'd (regretfully) have to say no. Usually you have to be earning a certain amount to be a guarantor. Maybe check the terms/criteria to see if there's a straightforward reason why you can say no.

If they split and she kicks him out - and then can't pay the rent by herself - would you be liable?

hazyjo

Silvertabby wrote: »

If they split and she kicks him out - and then can't pay the rent by herself - would you be liable?

It would be a joint tenancy - she can't just kick him out, he has as much right to be there. If he chooses to leave and not pay, yes the OP would be liable presuming she's guarantor to joint tenants (as I imagine she would be).