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Guarantor requirements

coffeehound
coffeehound Posts: 5,671 Forumite
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in House buying, renting & selling
Can anyone advise what information and documents a tenancy guarantor needs to provide, please.

Comments

  • bowlhead99
    bowlhead99 Posts: 12,295 Forumite
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    What does the landlord want them to provide before agreeing that the tenant can take on the tenancy? For example, if you don't provide the guarantor's name, it won't be enough. Whereas giving thirty years of bank statements to show that you can afford to step in and take over paying the rent and all arrears, if so required, is going to be too much. In the middle, there's 'as little as you can get away with providing'.

    If you are the tenant or guarantor, you can try starting with the position that you don't want to give any information or documents, and when the landlord says you need to, keep offering more documents until the landlord agrees that those documents will satisfy his needs. If you feel he's taking the mickey, refuse, and see if he'll still let to you.
  • G_M
    G_M Posts: 51,977 Forumite
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    It depends entirely on what the andlord or his agent asks for!


    But in essence, a guarantor would need to pass whatever credit checks, affordability checks, references and oter background checks the tenant has failed.
  • diggingdude
    diggingdude Posts: 2,445 Forumite
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    DON'T do it.....
    An answer isn't spam just because you don't like it......
  • need_an_answer
    need_an_answer Posts: 2,812 Forumite
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    Totally dependant on what the LL or LA ask for.

    I have recently supplied proof of employment and employers address for reference and confirmed I am a homeowner and signed a form to the effect that rent will be covered if required,as that was what was required for a student let the offspring is taking out next year.

    ALL very Woolley but its serving its purpose for us.

    However if you cannot afford to pay the rent long term then please do not enter into an agreement as a guarantor.
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  • sal_III
    sal_III Posts: 1,953 Forumite
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    It depends on LL/EA They all have difference sets of requirements. Usually a variation on proof of income, ID, address.

    Generally the guarantor will need to supply the same documents/info as the tenant he is guaranteeing for.
  • coffeehound
    coffeehound Posts: 5,671 Forumite
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    Thanks. Ah so it's a case-by-case basis. So really one needs to identify a property first and check the terms before embarking on the process.
    diggingdude wrote: »
    DON'T do it.....

    Well it's me that needs the aged parents to act as guarantors, so I'll pass your warning along to them ;)
  • csgohan4
    csgohan4 Posts: 10,587 Forumite
    First Anniversary First Post Name Dropper Photogenic
    don't mix money and family/friends


    you have been warned


    https://forums.moneysavingexpert.com/showthread.php?t=5846251
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
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