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What is a Guarantor?
When renting a property, landlords and estate agents will often ask for a guarantor to guarantee the rent payments and other associated costs that may incur during the tenancy period. A guarantor is a person who agrees to pay the rent or any other associated costs on behalf of the tenant if they are unable to pay. Guarantors are usually required for tenants who have little or no credit history, are unemployed or are students.
Who can be a Guarantor?
The guarantor can be a family member or a close friend of the tenant who has a good credit history and is financially stable. Most landlords and estate agents require the guarantor to be a UK resident and over the age of 18. Guarantors will also need to provide proof of income, such as payslips, and may be required to undergo a credit check.
What are the Responsibilities of a Guarantor?
The main responsibility of a guarantor is to guarantee that the tenant will pay the rent and other associated costs on time and in full. If the tenant is unable to pay, the guarantor will be responsible for covering the cost. This includes any damage or repairs to the property that may occur during the tenancy period.
It is important to note that the guarantor is also responsible for ensuring that the tenant adheres to the terms of the tenancy agreement. This includes any rules or regulations set out by the landlord or estate agent. If the tenant breaches any of these terms, the guarantor may be held responsible.
When is a Guarantor Required?
A guarantor is often required when a tenant does not meet the requirements set out by the landlord or estate agent. This may be due to a lack of credit history, unemployment or being a student. Guarantors are also required if the tenant has a poor credit rating or if they have a history of late rent payments or evictions.
Conclusion
In conclusion, a guarantor is someone who agrees to guarantee the rent payments and other associated costs of a tenant. They are often required for tenants who have little or no credit history, are unemployed or are students. The guarantor must be a UK resident and over the age of 18, with a good credit history and stable income. Their responsibilities include ensuring that the tenant pays their rent on time and adheres to the terms of the tenancy agreement. If you are looking to rent a property and are unsure if you require a guarantor, speak to your landlord or estate agent for more information.
