Quick Guide: Guarantors

A guarantor is a person who agrees to be financially responsible for the rent and other obligations of a tenant if the tenant fails to pay.

Guarantors are often required by landlords for tenants who have a poor credit history, a low income, or no rental history.

There are several benefits to having a guarantor. First, it can help you get approved for a rental property even if you don’t have a strong credit history or a lot of income. Second, it can give you peace of mind knowing that you have someone to fall back on if you ever have trouble making rent. Third, it can help you build your rental history, which can make it easier to get approved for a rental property in the future.

If you need a guarantor, there are a few things you should keep in mind.

Make sure that the person you choose is financially stable and has a good credit history.
Be sure to get the guarantor’s permission before you ask them to sign a guarantee agreement.
Make sure that you understand the terms of the guarantee agreement before you sign it.

If you are a guarantor, there are a few things you should consider:

Make sure that you understand the terms of the guarantee agreement before you sign it.
Be prepared to pay the rent if the tenant fails to pay.
Keep track of the tenant’s rent payments and make sure that they are paid on time.
If the tenant fails to pay rent, contact the landlord immediately.

Being a guarantor is a big responsibility, but it can be a great way to help a friend or family member find a place to live. If you are considering being a guarantor, be sure to do your research and understand the risks involved.

For more information, contact our Letting and Property Management team today!