When do i need a guarantor

If it is Tenant Find or Rent Collect , then you will need to talk to your landlord directly. It it is Fully Managed then the agent will help.

If you do damage to the property you are expected to cover the cost of putting this right. In most cases, a tenant can only decorate or make changes to the property with the express permission of the landlord. We recommend receiving this permission in writing. Tell whoever is responsible for the property maintenance either the landlord or letting agent as soon as possible.

You will be expected to cover the cost of putting it right. If a tenant believes the landlord is not keeping to their side of the agreement — for instance, not maintaining the property in a fit state of repair — then the first thing the tenant should do is speak to their letting agent.

The letting agent has a duty of care to the tenant, and may be able to help to resolve issues depending on the service type the landlord has with the agent. Look at your 'Welcome letter' to find out the service level of your landlord. Alternatively, a tenant can find independent advice from The Citizens Advice Bureau. If you are tied into a fixed term contract, you will be liable for the rent until the fixed term is finished.

If you are no longer in a fixed term contract ie. It is always your responsibility to pay the rent, but circumstances change. What happens if you become unemployed or are unable to work due to sickness? Speak to your landlord or letting agent and see if you can reschedule your payments. Find out more about Tenant Income Protection. Accept and close. Buy Property search. Guides to buying. Safe Buying Guides. Other services.

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Register today for rental property alerts Sign up to My Move to shortlist your favourite properties and setup property alerts. Landlords Our services. Guides for Landlords. Existing landlords. Thinking of letting your property? Please enable the javascript to submit this form. Who needs a rent guarantor? Rent Guarantor Aug 19, Rent Guarantor Products. Subscribe to get the latest from Rent Guarantor. Lenders run a series of checks before approving a guarantor loan to assess whether the borrower or guarantor will be able to repay the loan.

So, as mentioned above, a guarantor with a good credit score will add credibility to your application. They also run affordability checks to gauge how much you can afford to borrow each month. Some lenders may ask for proof that you earn over a certain amount or have sufficient savings or assets such as a property to cover the loan repayment.

What does being a guarantor mean? Can anyone be a guarantor? Why would someone need me to be a guarantor?

Before agreeing to be a guarantor you need to ask yourself: Why do they need me to be their guarantor — is it because they have a bad credit history?

And if so, are they likely to manage the repayments? Are they responsible? Do they need the loan? Is it for something they really need, or could they save up for it instead? Would having to cover their repayments affect your relationship?

Will being a guarantor cost me money? If so, what else could I lose? Will I have to be a guarantor for the duration of their whole mortgage?