HELP!!

[jay03]

my dad has declared bankruptcy and i'm renting out a flat soon with a few of my friends. The thing is can i still put down my dads name as the guarantor? I really need someone's help, is there any other solutions?

[boxtops]

I don't think you can, he doesn't have any funds to guarantee your payments with if he's bankrupt?

[jay03]

Erm no he doesn't have any other funds but he is self employed? Can another family member be a guarantor? Say for example my aunty? Who else can be a guarantor? Is there any restrictions? Thank you for your replies!

[redcrx]

anyone who is willing to cover your rent for you if you default. They must be credit worthy though and fully understand what they are signing up to do.

[boxtops]

Anyone can be a guarantor, but it's a big ask - they stump up the rent if you don't. They have to be able to afford it.

[Eve]

It's quite common for guarantors to be credit checked as well as tenants nowaways so it may need to be someone who will pass a credit check in addition to having funds to pay in the event of default.

[redcrx]

have you also asked your friend's parents?

[jay03]

Well the estate agent has asked all of us to give a guarantor so I'm not quite sure but I think I'd rather stick to a family member as it would be less of a hassle, in case things do go wrong. Thank you all for your answers! I really appreciate it, I think I'll just ask my aunt. Thank you so much again!

[Eve]

It's a very big ask, not as simply as just sticking a name down to make sure you get your flat. If you don't/cannot pay your rent for any reason (lose your job/get ill/the flat is a nightmare etc...) your aunt would then be liable to pay any rent you don't which could include notice period and, if in a fixed term tenancy like theusual initial 6 months, the entire rest of that period.

If via agents, they will often credit check guarantors (often with a fee for doing so) and ask for certain information such as copies of bank statements to prove the guarantor has the money to pay if you default.

The wording of the guarantor section would also need to be checked very carefully as there may be liabilities over and above rent.

[bushbaby_de]

A word of warning... if its a shared flat, you and your guarantor are potentially liable if any of the others default on their rent too - so its a major ask!