Guarantors to rent a house
Who can be a guarantor?
Asked on Dec 2 2016,
Renting in Liverpool |
A guarantor is usually a parent, guardian or someone such as a business colleague who is willing to take full responsibility should a tenant fall into arrears.
He/she will go through the same referencing process as a tenant. The normal requirement is that they are employed and a UK resident, with sufficient earnings to cover the tenant’s rental commitment.
Also note that the guarantor will usually have to sign a separate agreement and will be responsible if the tenant fails to uphold any of their obligations under the Assured Shorthold Tenancy (AST). This goes beyond just paying rent to areas like damage to the property and any associated court costs.
Answered on Dec 2 2016,
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