Problem Finding Guarantor!!!

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Problem Finding Guarantor!!!

    Please could someone give me some advice!!!!

    im 22 yrs old and in the process of trying to rent a private flat for the first time. The application has came back from the estate agents saying they require a financial guarantor, as for some reason unbeknown to me my credit score was just below the criteria. (i am going to see why when this is over!!!) The references from my boss and everything else was fine, stating my current earnings of £22,000+ per annum, and as the rent is £450pcm, well within my budget. The problem is the only guarantor i can get, or would feel comfortable asking is my mum, who i know has a poor credit scoring, but also earns half my annual earnings, roughly £13,000 per annum. Surely there must be another way so i dont miss out on getting my own place?????

    any help or suggestions greatly appreciated!!!!!!!!!!!!!!!!!!!

  • #2
    Tough one

    Originally posted by pitman4u View Post
    Please could someone give me some advice!!!!

    im 22 yrs old and in the process of trying to rent a private flat for the first time. The application has came back from the estate agents saying they require a financial guarantor, as for some reason unbeknown to me my credit score was just below the criteria. (i am going to see why when this is over!!!) The references from my boss and everything else was fine, stating my current earnings of £22,000+ per annum, and as the rent is £450pcm, well within my budget. The problem is the only guarantor i can get, or would feel comfortable asking is my mum, who i know has a poor credit scoring, but also earns half my annual earnings, roughly £13,000 per annum. Surely there must be another way so i dont miss out on getting my own place?????

    any help or suggestions greatly appreciated!!!!!!!!!!!!!!!!!!!


    Pitman, I do not envy your situation. In the event you do not find a guarantor are you not in a position to offer additional rent in advance?

    Also, have a look at this link

    http://www.iguarantee.co.uk/

    it may not be of much use to you right at the moment but might be useful in a couple of weeks if you are still not sorted.

    Good luck

    Kind Regards

    J

    Comment


    • #3
      Originally posted by pitman4u View Post
      The application has came back from the estate agents saying they require a financial guarantor, as for some reason unbeknown to me my credit score was just below the criteria. (i am going to see why when this is over!!!) The references from my boss and everything else was fine, stating my current earnings of £22,000+ per annum, and as the rent is £450pcm, well within my budget. The problem is the only guarantor i can get, or would feel comfortable asking is my mum, who i know has a poor credit scoring, but also earns half my annual earnings, roughly £13,000 per annum.
      Maybe you should ask them now why your credit score was poor, if you don't know - it's not impossible that it's incorrect for some reason. Or maybe this agent has an unusually high 'points' threshold below which a guarantor is needed? Other reasons might be that you haven't got yourself on the electoral roll for any length of time; maybe (rather perversely) you haven't applied for credit before (eg credit cards) which reduces your creditworthiness.

      You might find youd be better off renting direct from a landlord, ie not going to an agent at all. Individual landlords are much less likely than agents to have a rigorously enforced 'points' threshold - personally I get the credit check done and consider the result alongside all the other information I have - ie, salary, employment security, references, ID checks etc - and make a judgement accordingly as to whether the applicant (a) is suitable potential tenant and (b) would require a guarantor. If you were coming to me, then your age/salary/level of rent would not suggest to me that a guarantor was required, unless there were hidden nasties in your credit history. An agent on the other hand is much more likely to just have a list of boxes to tick, which might include a credit score above yours.

      By the way, in case you were thinking of trying her for size, your mum wouldn't be likely to be an acceptable guarantor anyway - as you've probably sussed.

      Comment


      • #4
        Thanks i will just have to wait to find out the decision this week. Yeah i have thought about offering additional rent in advance, and its something i will suggest if my application is declined. Im going to request my credit report aswell to see where the problem is. i have had loans and credit cards without problems that have all been paid off, so its a bit annoying!!!!
        fingers crossed!!!!!!!!!!!!

        Comment


        • #5
          Originally posted by pitman4u View Post
          Thanks i will just have to wait to find out the decision this week. Yeah i have thought about offering additional rent in advance, and its something i will suggest if my application is declined. Im going to request my credit report aswell to see where the problem is. i have had loans and credit cards without problems that have all been paid off, so its a bit annoying!!!!
          fingers crossed!!!!!!!!!!!!

          Good Luck with it pitman.

          J

          Comment


          • #6
            I had a young fella with superb references and guarantor.

            Unfortunately he lost his job. Housing Benefit was only paid for a short time and then because he was under 25 the Housing Benefit paid was for a single room and not a flat.

            I would be very wary about taking on a young person not entitled to Housing Benefit as a fallback situation.

            If a substantial rent in advance was paid I would reconsider my position.
            Vic - wicked landlord
            Any advice or suggestions given in my posts are intended for guidance only and not a substitute for completing full searches on this forum, having regard to the advice of others, or seeking appropriate professional opinion.
            Without Plain English Codes of Practice and easy to complete Prescribed Forms the current law is too complex and is thus neither fair to good tenants nor good landlords.

            Comment


            • #7
              ok thanks i will put the offer of maybe a few months advanced rent to the estate agent if my application gets declined, as this wouldnt be a problem. Job security also isnt a problem in the industry i work in as im currently on an apprenticeship scheme with 2 yrs left, and fortunately with earnings only increasing. Which makes the situation all the more frustrating!!!
              thanks again

              Comment


              • #8
                Lateral thinking

                pitman4u

                Most landlords are very wary because once you're in you have a lot of rights. They need to know that you can afford to rent in the first place. As a rule we only take on younger people if there are two of them sharing the costs. You have to remember that your rent is only the half of it - literally. It helps if your parents go along when you are viewing properties.

                Just an example of a fellow lateral thinker: a young lady came to me who couldn't be referenced for some reason. She wanted the place desparately (not usually a good sign) for 6 months only. She asked if I would take her if she paid it all up front. I said yes please.

                I found out later that she took it from her credit cards and surfed them for the whole period, paying them of by the equivalent of the monthly rent. It is more difficult to do this now but it worked for her.

                It has also been mentioned here to do this privately; no agency fees and a good chance of no checks either.

                Good luck

                rewop
                If you are not offended by what I say then please tell me so that I can try harder next time.

                Comment

                Latest Activity

                Collapse

                • This is a NO isn't it? Seems iffy to me, what do you think?
                  Berlingogirl
                  This is a NO isn't it? Seems iffy to me, what do you think? Any insights? My ad is on Gumtree.



                  "Hello, I'm A***** a British America Business man, I have a business project in your area and I'll like to rent your apartment for the period of 6 month and I'll like to know...
                  27-07-2017, 13:57 PM
                • Reply to This is a NO isn't it? Seems iffy to me, what do you think?
                  MrShed


                  I'm assuming you are posting this for a laugh
                  27-07-2017, 14:22 PM
                • Reply to This is a NO isn't it? Seems iffy to me, what do you think?
                  nukecad
                  I'm surprised that you are even asking, it's obviously some kind of scam.

                  At the very least phishing for your personal contact details.

                  "British America Business man" who can't spell 'American' or even write English properly? - "my personal assistance and he...
                  27-07-2017, 14:11 PM
                • Burglary Damage - Who Pays?
                  Pb21
                  Our rented flat was broken into, in the process the Yale lock was broken and cost £100 to repair. The landlord is refusing to pay this on the basis we didn’t also lock the door with the mortice lock. We didn’t use the mortice lock as it wasn’t working although the landlord did not know this....
                  25-07-2017, 11:40 AM
                • Reply to Burglary Damage - Who Pays?
                  John Duff
                  Following on from my last post, had the tenant not informed the police and landlord at the time, they would have failed in their duty. I therefore would expect the tenant to foot the bill at the end of the tenancy or sooner.
                  27-07-2017, 13:45 PM
                • Tenant's energy debt.
                  Gordonmrln
                  I am a landlord of a 2 bed end terrace, the property is owned out right. I am registered Disabled and this was the main reason I decided to rent my property out. As it was not a suitable property for my Disability. I would have to make some major changes that would devalue my property like installing...
                  20-07-2017, 22:08 PM
                • Reply to Tenant's energy debt.
                  Gordonmrln
                  Hi there, I've also been looking into the office of fair trading as nobody has said whether you believe that E.on or that LCS have acted is the correct manner when looking into a debt. well I have found out this piece of information and would like to know your thoughts and views if its correct and I'm...
                  27-07-2017, 13:30 PM
                • Reply to Burglary Damage - Who Pays?
                  John Duff
                  Criminal damage not connected with the tenant occurred during the tenancy and was reported as such at the time. It is not the case that the tenant caused or was responsible for loss of value beyond wear and tear.

                  I'm just stating my view which appears to be backed up from sources other...
                  27-07-2017, 13:15 PM
                • Reply to Burglary Damage - Who Pays?
                  jpkeates
                  If the tenancy ended and the lock was broken, it would be a loss in value beyond fair wear and tear and I'd expect the tenant to compensate the landlord for it.
                  Same as any other damage.

                  What's different about it during the tenancy?
                  27-07-2017, 13:03 PM
                • Reply to Burglary Damage - Who Pays?
                  John Duff
                  Yes, they have a duty of care but not the same responsibilities as a lease/freeholder.

                  If I was the tenant, I'd refuse to pay. This is assuming I hadn't been grossly negligent and had reported the damage at the earliest opportunity to both the police and the landlord. I would expect a TDS...
                  27-07-2017, 12:55 PM
                Working...
                X