Can Someone be a Rental Guarantor for Multiple People?

racheldarcy

My husband's brother has asked him to be his guarantor on a rental home. Will this impact his chances of being a guarantor for our two sons who may need to move into with private rental or student accommodation in a few years time? I am self-employed on a very low income so it is unlikely I will be able to do it so it will all fall on him. Thank you. 

Browntoa

Yes , but he's possibly becoming liable for paying 3 peoples rent at the end of the day . 

user1977

In principle yes he can, but it will make him less likely to be accepted as a guarantor, as they're likely to ask about his other commitments. Can he afford to pay everybody else's rent as well as look after your own household? 

eddddy

In my experience, letting agents have never asked a prospective guarantor if they are already a guarantor for another tenancy. But maybe some letting agents do. I know people who have been guarantors for multiple tenancies.

(And the letting agent would have no way of checking anyway - unless by chance, it was the same letting agent or landlord for both properties.) 

But as others say, the bigger issue is how you would manage if the people you're guaranteeing defaulted on rent, damaged the property etc.


And when your sons rent student accommodation, you'll probably find that you're required to 'jointly and severally' guarantee their housemates as well - who you might never have met. But that's a different issue.

london21

Personally I would be very careful because been a Guarantor if they are unable to pay, then he is responsible.

For your sons not much choice I guess. 

theartfullodger

3 blank cheques?  No, I wouldn't.

Ibrahim5

Just say no.

racheldarcy

Thank you all very useful

Gilbo

One thing not mentioned here is that being a guarantor you could be impacting your own ability to have a mortgage.

I was asked to be a guarantor for my nieces at the same time as negotiating a mortgage. The mortgage company said they treated the guaranteed amount as if it was an actual outgoing, so impacted the amount I could borrow.  

eddddy

Gilbo said:

One thing not mentioned here is that being a guarantor you could be impacting your own ability to have a mortgage.

I was asked to be a guarantor for my nieces at the same time as negotiating a mortgage. The mortgage company said they treated the guaranteed amount as if it was an actual outgoing, so impacted the amount I could borrow.  

This is an old thread, but...

Did the mortgage company specifically ask you if you are a guarantor for anyone's rent?

Or did they ask a broader question about your liabilities and you felt that the question encompassed being a guarantor for somebody's rent?

Or did you volunteer the information about being a guarantor, without being asked?



There are many things that you might be potentially liable for, like...
- If you've only got 3rd Party car insurance, you'd be liable for repairs to your car, if you have a crash
- If you rent cars without taking out full insurance, you might be liable for the full replacement cost if it's stolen
- If you tend to drink red wine whilst sitting on a friends £5k white sofa, you might spill a glass of red wine over it and be liable for the cost of a replacement sofa

Is the likelihood of somebody defaulting on their rent greater than the likelihood of the any of the above happening?

 

sammyjammy

Gilbo said:

One thing not mentioned here is that being a guarantor you could be impacting your own ability to have a mortgage.

I was asked to be a guarantor for my nieces at the same time as negotiating a mortgage. The mortgage company said they treated the guaranteed amount as if it was an actual outgoing, so impacted the amount I could borrow.  

Quite right to, the risks are too high, nobody knows what is around the corner and with the best will in the world circumstances change.