Can Someone be a Rental Guarantor for Multiple People?

dimbo61

Never found out if Gilbo got the mortgage they wanted ?
As for being a Guarantor for your Son,s at University I think this is the Norm !
Unless you can afford to pay the whole rent up front ?
Most Halls of Residence at University ask for parent guarantors 
Students get paid loans in 3 parts over the year

Gilbo

eddddy said:

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?

 

Yes they specifically asked, otherwise I probably would not have thought about it myself

And I agree for a lot of people the chances of them defaulting on rent are very low, they certainly were for me, and my brother would absolutely have recompensed me in the very unlikely event that it did. He has a lot of money, but couldn't be a guarantor as he lives abroad. In real terms it was less likely to impact my outgoing than and of your excellent examples.