Student Housing guarantor insurance

BreakingGlass

silvercar said:

BreakingGlass said:

Does anyone have any up to date recommendations for Student Housing Guarantor Insurance?

The link early in the thread takes you to this company, who are currently looking for a new underwriter:  https://www.guarantorinsure.co.uk

I have been asked to act as guarantor for my nephew.  Although my newly-widowed sister has a substantial Private Pension, she is not yet drawing it down hence cannot act as Guarantor for her son, unless anyone knows better.

Worth a try, worst case is they say no. Anecdotally, the student letting market is often happy enough with a signature on a piece of paper and aren't too diligent in credit checking all the guarantors.

Thanks - I think that I will wait to see the guarantor paperwork and then decide whether my sister can sign.

theartfullodger

My lettings agent regaled me with her stories of chasing parent or grandparent of defaulting students for the unpaid rent - and succeeding.

youth_leader

I acted as guarantor for my daughter throughout university - but I paid her rent.  Could your sister do this?

BreakingGlass

youth_leader said:

I acted as guarantor for my daughter throughout university - but I paid her rent.  Could your sister do this?

Yes indeed, but despite the requirement for a guarantor, I think my nephew should be learning to be responsible with money management etc  (but preferably with his mum as a fall-back rather than me!)

And anyway the guarantor is also responsible for all the (eight) joint tenants' rent if they default, as discussed earlier in the thread.  That's the bit for which I would like insurance.

youth_leader

I must be going blind - I couldn't see the eight joint tenants.  Good luck to your sister.  My daughter was sharing a house with 8 others in a very rough area and I didn't want her walking home late from a part time job.  One day we were on the phone and she said 'have to go Mum, man with a chainsaw'.  Thank god she answered when I rang back - he was doing the hedge in the park opposite, thankfully! 

silvercar

BreakingGlass said:

youth_leader said:

I acted as guarantor for my daughter throughout university - but I paid her rent.  Could your sister do this?

Yes indeed, but despite the requirement for a guarantor, I think my nephew should be learning to be responsible with money management etc  (but preferably with his mum as a fall-back rather than me!)

And anyway the guarantor is also responsible for all the (eight) joint tenants' rent if they default, as discussed earlier in the thread.  That's the bit for which I would like insurance.

Oh can get contracts limiting the guarantee to your own offspring. Landlords and agents are well aware that parents are only happy to guarantee their own.

BreakingGlass

silvercar said:

Oh can get contracts limiting the guarantee to your own offspring. Landlords and agents are well aware that parents are only happy to guarantee their own.

Many thanks - I will ask about that.