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Rental Guarantor for Son
Comments
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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
A LL wants a guarantor who will be able to cover the cost of the rent if the tenant does not pay.
One of the most common formula I have seen for assessing if a guarantor is acceptable is this -
Guarantor Annual Salary must be more than or equal to - monthly rent * 12 * 100 / 25
For example if the rent is £650 a month -
£650 * 12 * 100 / 25 = £31,200
For a rent of £650, the guarantor must have a minimum annual salary of £31,200.
DISCLAIMER - This is the most common formula I have seen but everybody is different and your son's LA may have a different method.
If you don't think that you are going to meet this kind of salary requirement then you could speak to the LA but otherwise there isn't much point in filling in the forms and paying good money if you know that you are going to be declined.0 -
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
You do understand the legal obligations of being a guarantor, don't you??
If for any reason your son and his GF don't pay their rent or damage the property, the LL can come after you for any money owing.
Many people think that being a guarantor is just a form filling exercise.
That is until they find themselves being chased for £1,000s of rent.
LLs know that guarantors have the money and don't want to lose their credit rating so it is often easier to get the money from them than it is their tenants.0 -
As a student this was a problem for me, and there was no way around it as all the LLs locally were the same and had other students that would take it if I didn't provide a guarantor.
As a graduate, I've always told the landlord that while I can provide bank statements, employment references and landlord references, I can't provide a guarantor. There's no point (without wanting to sound like a !!!!) - mum's on a low wage, dad's retired, I earn more than both of them put together... it generally shuts the landlord up and I've never yet been refused a tenancy as a result of it, even in London.0 -
I have given my last 3 months bank statements and my last 3 months pay slips.
They are now asking for a Noddle Credit Report, they can shove it.0 -
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If you are a guarantor you have no control over anything financial that happens....
They move in. They argue about all sorts of things. He finishes with her and walks out. She sulks and stops paying the rent. She lets her mate and her mate's bf move in and pay her cash for rent, they have a dog and mates and like to party ..... etc etc etc
You'd be liable to foot the bill for rent/damage until such future time as the property has been wrestled back, via various courts and handed back to the landlord and fixed up again .....0 -
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 ??I have given my last 3 months bank statements and my last 3 months pay slips.
They are now asking for a Noddle Credit Report, they can shove it.PersianCatLady wrote: »The LL is doing you a favour by being so thorough, I don't know why you have such a bad attitude towards him / her.
That is why.0 -
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 ??I have given my last 3 months bank statements and my last 3 months pay slips.
They are now asking for a Noddle Credit Report, they can shove it.
So the landlord did the right thing.0 -
The Letting Agency / Landlord accepted my arguement that they were being too intrusive with the Noddle report, I didn't see why they should know about a financial connection to a woman I divorced in 2005.
After telephoning Northampton County Court and the respective creditors to confirm that my CCJ's were down to outstanding balances of £20 and £60 respectively, coupled with my salary details and bank balance, YES they did do the right thing.
They move in this friday0
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