Quizzes & Puzzles19 mins ago
needing a guarantor for private renting
9 Answers
hi, ive recently found myself in a position where myself and two others need to move out the house i privately rent, This is through no fault of our own, the house is been given to the sons to take on the mortgage. However i never had the option to pay a deposit, so i have nothing to use on future property's. I also have no savings and i don't earn enough money in a month to pay for deposit, charges from estates and a month up front. luckily the three of us are in the process of searching together to help make it cheaper. I was wondering if anyone could explain the term guarantor and any other advice they could give on the subject? Thanks very much.
Answers
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For more on marking an answer as the "Best Answer", please visit our FAQ.gguarantor means someone that is willing to sign a legally binding/enforceable contract that says if you dont pay the rent, they will
of curse, if you pay the rent then tthe contract will never hav to be activated. if however, you dont pay, the person who is guaranteeing your rent will be chased for the money through the courts
of curse, if you pay the rent then tthe contract will never hav to be activated. if however, you dont pay, the person who is guaranteeing your rent will be chased for the money through the courts
if you can pass the checks the letting agencies will preform you will not need a guarantor, normally 3 months worth of payslips showing an income that would cover the rent is enough.
If you do need a guarantor then they need to be able to pass the same checks and they will then sign a contract to say that if you default on the rent then they promise to pay it on your behalf.
If you do need a guarantor then they need to be able to pass the same checks and they will then sign a contract to say that if you default on the rent then they promise to pay it on your behalf.
if you are going through a letting agency then you will need to pay
Deposit
First months rent
Admin fee
content/home insurance.
and it will need to be paid to them before you move in. if it's private then they may be more flexible.
It's really expensive moving!! (having just done it this weekend... yet again!!!)
Deposit
First months rent
Admin fee
content/home insurance.
and it will need to be paid to them before you move in. if it's private then they may be more flexible.
It's really expensive moving!! (having just done it this weekend... yet again!!!)
Yes, you will still need a deposit even if you have a guarantor. The guarantor is usually only required if your credit record is poor.
Personally, I wouldn't stand as guarantor for anyone, youre leaving yourself open to all sorts of costs not just the rent but also damage etc, in fact anything that's covered by the AST.
Personally, I wouldn't stand as guarantor for anyone, youre leaving yourself open to all sorts of costs not just the rent but also damage etc, in fact anything that's covered by the AST.
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