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How To Secure A UK Guarantor Checklist?

Property Saviour » First Time Buyers » How To Secure A UK Guarantor Checklist?

Planning to rent? Chances are, you’ll need a UK guarantor. Most landlords across the country require one, and without it, you won’t get great housing. It’s important to understand what a guarantor does and how to get one.

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What is a Guarantor for Rent?

Having a landlord ask for a guarantor is a common practice. When you can’t pay your rent, a guarantor is someone who can step in and cover it.

This is essential because if you don’t pay, the landlord may not have the money to pay for repairs or their mortgage. As a result, the landlord needs a guarantor to guarantee that they will get the funds needed to rent the property.

Finding the Right Guarantor – Your Checklist

If you’re looking for a guarantor for a UK property, this checklist should be helpful.

The guarantor must be at least 18 years of age, have a good credit history, agree to pay rent in your stead if you can’t, pay for any damages you cause in the home or flat, and pass a reference check. They must also typically earn at least 1.5 times the rent you’ll be paying.

If you can’t find anyone who meets these criteria, there are still options. For instance, you could offer to pay for a rent guarantee in the form of six to twelve months of additional rent and a legal expenses insurance policy. Alternatively, you could use a rental guarantor service.

This is especially useful if you’re a foreign national studying in the UK and your family members are not in the country, or if you don’t have anyone who can or will accept the financial liability of being your guarantor.

How To Secure A UK Guarantor Checklist
When you can't pay your rent, a guarantor is someone who can step in and cover it.

What is a Guarantor Service?

If you don’t have anyone to support you, a guarantor service can come to the rescue.

These services act as professional guarantors for tenants and, with the payment of some fees and the completion of some paperwork, can be the name you list on your rental agreement with your landlord.

How To Get a Guarantor Service to Work for You?

To work with a UK guarantor service, you’ll need to fill out their rental guarantor application form (each company’s form is unique). They’ll then give you a quote based on your rent and current employment status.

You’ll also need to provide your guarantor service with a copy of your ID or student ID, as well as proof of your National Insurance Number.

If you are a student, you’ll need to show proof of your studies. If you’re a professional, you must provide evidence to show that you earn at least 1.5 times the monthly rent.

Bank statements or a payslip are usually accepted as proof. Lastly, simply pass the details of the property you’re interested into the guarantor service, and they’ll help you provide the landlord with the necessary information.

The Key Is Just Finding Someone to Help

If you’re looking for the right rental, the key is to find someone who meets UK guarantor requirements. If you have worries like: “My guarantor doesn’t earn enough”; “I can’t afford guarantor insurance”; “I’m not sure I can afford to rent a guarantor”; there are sources of help.

Speak to the landlord first as they can usually guide you to the help you need.

What are the requirements for a UK guarantor
You'll also need to provide your guarantor service with a copy of your ID or student ID, as well as proof of your National Insurance Number.

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