Guarantor?

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    Guarantor?

    I have a potential tenant who works part time and is also on Universal Credit. I was considering asking her to provide a guarantor but I read somewhere that the guarantor needs to be earning at least 3 times the monthly rent (I dont think she knows anyone with that earning capability!). What are your thoughts please?

    #2
    If they earn nothing but own 7 houses each worth £100k+ I'd happily use them via a "deed of guarantee". Issue if how would you collect any debt. Jobs can be lost....
    I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

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      #3
      The guarantor has to be in a position to pay what the tenant can't.
      So they have to be in a position where they have a lot of spare income or savings or sufficient equity in a property to have that be subject to a charge if they can't make good the guarantee.

      Most people would be unable to meet someone else's rent if they were unable to pay it - me included.
      When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
      Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

      Comment


        #4
        You are making an assumption and you might be wrong - so why not ask?

        Comment


          #5
          The guarantor has to be earning 3.5 times the monthly rental amount and has to be UK based. I would strongly advise that you get a guarantor incase she is unable to pay the rent and I would recommend using an agency that offers rent protection.

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            #6
            There are no rules at all about guarantors. Entirely up to Landlord who they take or don't take as guarantor. Could be an unemployed tramp with only the clothes they stand up in.

            There is no "has to be" in the matter. Perhaps advisable if...
            I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

            Comment

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