Residential Property Lease With Guarantor In Kings
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FAQ
Guarantors must be over 18, have a good credit history and have a certain amount of savings or income. They must also be a UK resident who has known you for at least two years and can vouch for your application. Usually, a close relative or a friend.
In this situation, as a guarantor, you are likely to be responsible for whatever any of the joint tenants owe the landlord, not just what the tenant you are helping may owe. You may also be responsible for any damage caused by other tenants, not just the one you're wanting to help.
Normally a guarantor would be a relative or close friend of the tenant, but they do not have to be. Guarantors normally need a good credit history and income or savings of a certain amount. A landlord may reject a guarantor if they are retired, live abroad or don't own their own property.
As with a co-signer, the risks lie primarily with the guarantor. If you're a guarantor, you might have to shoulder a financial burden on behalf of the borrower, which can be a challenge even for someone with high credit scores. Still, you'll have the satisfaction of enabling a loved one's access to important credit.
Disadvantages of guarantors Strained relationships: If the borrower struggles to repay, it can cause tension and arguments between the guarantor and the borrower. Limited options: Once you become a guarantor, you might be restricted from using your credit for other purposes until the guaranteed debt is settled.
Simply becoming a guarantor for someone shouldn't have an effect on your credit rating, as long as the main borrower manages to successfully make all the required repayments on time and in full. However, if they fail to keep up with repayments and you have to step in, this can put your credit score at risk.
Your guarantor must be a UK resident This is difficult for those coming to the country for the first time whether that's to study or work. This is made worse with the difficulty of setting up a bank account straight away, making internationals unable to prove their income or savings.
To pass most lenders and estate agent's affordability checks, a good rule of thumb is a guarantor's monthly income should be at least four to five times the monthly repayments. Say you're renting a property for £1,000 a month. Your guarantor may need to earn £4,000 a month. It's the same for mortgages.
As with a co-signer, the risks lie primarily with the guarantor. If you're a guarantor, you might have to shoulder a financial burden on behalf of the borrower, which can be a challenge even for someone with high credit scores. Still, you'll have the satisfaction of enabling a loved one's access to important credit.
