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needing a guarantor for private renting

hi, ive recently found myself in a position where myself and two others need to move out the house i privately rent, This is through no fault of our own, the house is been given to the sons to take on the mortgage. However i never had the option to pay a deposit, so i have nothing to use on future property's. I also have no savings and i don't earn enough money in a month to pay for deposit, charges from estates and a month up front. luckily the three of us are in the process of searching together to help make it cheaper. I was wondering if anyone could explain the term guarantor and any other advice they could give on the subject? Thanks very much.

jo22 Tue 02/09/08 20:40

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bednobs
Tue 02/09/08
20:45

gguarantor means someone that is willing to sign a legally binding/enforceable contract that says if you dont pay the rent, they will
of curse, if you pay the rent then tthe contract will never hav to be activated. if however, you dont pay, the person who is guaranteeing your rent will be chased for the money through the courts

ChuckFickens
Tue 02/09/08
20:46

if you can pass the checks the letting agencies will preform you will not need a guarantor, normally 3 months worth of payslips showing an income that would cover the rent is enough.

If you do need a guarantor then they need to be able to pass the same checks and they will then sign a contract to say that if you default on the rent then they promise to pay it on your behalf.

~max~
Tue 02/09/08
20:48

You should also know that in most cases, you will need BOTH a guarantor and a deposit if your wages aren't high enough for the landlord.

jo22
Tue 02/09/08
20:49

Question Author

Thanks for your reply, so if I state i need a guarantor will the deposit still need to be paid.

~max~
Tue 02/09/08
20:52

Yes, you will need to pay a deposit no matter. Maybe you could negotiate with the ladlord though, and see if they will mind getting say, half of it now, and half of it with next month rent. It's a case of finding an understanding landlord!

bednobs
Tue 02/09/08
20:52

yes. Also be aware, being a guarantor s not something that most people will tak on lightly. for example, my mother in law asks me and my husband to be hers and after a lot of thinking we said no. Bloody good job too!

~max~
Tue 02/09/08
20:55

If you are a student, the guarantors are usually the parents. However, it can also be a friend, but they will have to be home-owners.

ChuckFickens
Tue 02/09/08
21:01

if you are going through a letting agency then you will need to pay

Deposit
First months rent
Admin fee
content/home insurance.

and it will need to be paid to them before you move in. if it's private then they may be more flexible.

It's really expensive moving!! (having just done it this weekend... yet again!!!)

Twenty20
Fri 05/09/08
15:35

Yes, you will still need a deposit even if you have a guarantor. The guarantor is usually only required if your credit record is poor.

Personally, I wouldn't stand as guarantor for anyone, youre leaving yourself open to all sorts of costs not just the rent but also damage etc, in fact anything that's covered by the AST.

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