New tenant advice needed

[SIMPSON33]

I am looking at re-letting a property. Tenants no 1 who are interested are both 18 with a young child. One of them works full-time the other is looking for a pt job, don't know about their credit history as yet but am assuming they won't have much of one because of their age and tenants number 2 who are also interested are in their early 30's have admitted to the agent they have 1 ccj and from questions asked of them by the agent the agent reckons their credit history will be poor. Both have agreed to get a guarantor to which they will have credit/employer checks done on them. I am also obtaining a month and a halfs rent in advance. Do you think these tenants sound risky? Do i hang out longer? Just don't want to rush into signing someone up who could potentially full behind on the rent. How easy is it pursuing the guarantor if the tenants fell behind on payments? Just want to cover myself that's all.
Thanks

[jta]

They both sound dodgy. If you go with either get a home owning guarantor and ask here about making the deed as water tight as possible.

Has it taken you this long to sort out the property from the state it was left in in March?

[boletus]

If you're worried, why not take out rent guarantee insurance on the tenant and/or guarantor.
Works out about 3% of the rent with one months excess IIRC.

[SIMPSON33]

They both sound dodgy. If you go with either get a home owning guarantor and ask here about making the deed as water tight as possible.

Has it taken you this long to sort out the property from the state it was left in in March?

My brother has lived in the property since april but is now moving in with his partner hence why am looking to re-let again.

[SIMPSON33]

If you're worried, why not take out rent guarantee insurance on the tenant and/or guarantor.
Works out about 3% of the rent with one months excess IIRC.

i've heard that rent guarantee insurers wont take you on unless the tenant/guarantor credit refs show their low risk - is that correct?

[boletus]

i've heard that rent guarantee insurers wont take you on unless the tenant/guarantor credit refs show their low risk - is that correct?

Yes.
Why would anyone take on a high risk guarantor?

[SIMPSON33]

I'll guess i will have to see what the guarantors credit history is like first then

[Snorkerz]

A guarantor with a poor credit history / no employment / no assets is of no use to you whatsoever.

Most referencing companies offer a specific guarantor credit check as a guarantor has to be more financially secure than the tenant because you need to be able to ensure they can afford to cover not only their own responsibilities but your tenants too.