maximun garantors amount

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    maximun garantors amount

    I am looking at renting a 4 bedroom property and the rent is 1250pcm, i am retired from the army on medical grounds, i get about 1500 pcm for pensions and a further 1500 in benifets for a disabled child, the reference agency has stated that i need to get a garantor for 48000 which is 3 years rent.
    Is this normal or very excessive and is it leagal.
    I will be getting housing benifit when i move in, but as i have no debt at all it seems very un realistic.

    #2
    Reference agency is not a party here: It is for the letting agent or landlord to tell you whether they want a guarantor, and what criteria should he fulfil.

    As for the 48,000, I'm thinking that perhaps they meant that the guarantor should have an income of at least 48k pa.

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      #3
      I agree with jjlandlords interpretation. A guarantor has to have a higher credit rating than a regular tenant because, if push comes to shove, the guarantor will have to be able to afford his own commitments and those of the tenant whom he is guaranteeing.

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        #4
        A cautious LA/LL will prob require G to be in full-time employment or savings in excess of £48K and a house owner. It is quite legal and a sensible precaution if T only has state-controlled income.

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