Anyone used rentguarantor.com?

macfan21

I’m in the process of looking for a rental property as I’m selling my house and don’t want to rush into buying something else. 

As I have some 4yr old ccj’s on my credit file, I have spoken to a few letting agents and have said that I can pay 6 months rent upfront but I keep being asked about a guarantor. I have someone who is willing to act as a guarantor but one letting agent I spoke with yesterday said the guarantor would need to have an annual salary of 30 times the monthly rent. 

I’m not sure I know anyone that earns that much, let alone well enough to ask them to be a guarantor, so I’ve been looking at other options. 

I’ve come across a company called rentguarantor and wondered if anyone here has used them? Is this kind of thing something that landlords are likely to accept in place of a traditional guarantor?

tacpot12

As a landlord, I would be initially skeptical, and having reviewed the rentguarantee website, I would remain concerned as the guarantee is only for a maximum of 12 months, but it is better than nothing and the tenant pays all the fees. Providing the property is properly managed, if the tenant does default, then rentguarantee pay all the legal costs to evict the tenant, so I would be inclined to accept this form of guarantee. 

dimbo61

The problem is your paying a fee every month which you don't get back.
Now unless the Landlord gets the 4/5 weeks ( rent amount ) as a deposit they might not be keen on it.
Does rather say we can't afford the deposit and rent up front.

macfan21

dimbo61 said:

The problem is your paying a fee every month which you don't get back.
Now unless the Landlord gets the 4/5 weeks ( rent amount ) as a deposit they might not be keen on it.
Does rather say we can't afford the deposit and rent up front.

From what I’ve read, it’s not in place of the deposit (think maybe you’re confusing it with the zero deposit scheme?)

Also, from what I understand, it is a 12 month guarantee that renews every 12 months but I’m not sure. 

What has concerned me with the letting agents is that they are wanting a guarantor despite offering 6 months rent upfront.