More and more accommodation providers and landlords ask tenants to have a guarantor to cover any risk.
Since the guarantor is the tenant's representative, he/she agrees to co-sign the tenancy agreement and therefore becomes liable joint and several for any of the tenants obligations, in case of default or damages for example. To be accepted as a guarantor, you must be :
- a UK resident
- a homeowner
- in full time employment
- able to provide proof of income sufficient enough to cover the costs associated with the rent in the tenancy.
When the guarantor meets these criteria, the accommodation provider will run a reference check before accepting the application.
The guarantor has then to sign the tenancy agreement along with the tenant for the full term of the tenancy.
In case you can provide one, Housing Hand can stand as a guarantor for your tenancy. If your landlord or letting agency doesn't know us yet, we would be happy to introduce our guarantor service and make your property search easier.