What is a Guarantor?
A guarantor is someone who agrees to cover costs if a tenant fails to pay rent or causes damage.
Guarantors are often:
- A UK Resident.
- Parents.
- Family members.
- Trusted supporters.
Should Parents/ Guardians Sign a Guarantor Agreement?
Only after reading it very carefully.
The guarantor agreement should clearly limit liability to:
- Their child’s rent.
- Damage caused by their child.
Why is this Important?
In a joint tenancy, an unrestricted guarantee could leave a guarantor responsible for:
- Rent owed by other tenants.
- Damage caused by housemates.
Never assume a guarantee only covers yourself without checking the wording.
What if I Cannot Provide a Guarantor?
There are Third-Party Guarantor services who will act as your guarantor for a fee. This may not be an option for you if the fees will not fit within your budget.
Many landlords are willing to discuss alternatives, including:
- Previous landlord references.
- Credit references.
- Advance rent payments.
- Alternative financial arrangements.
International students and those without suitable guarantors should discuss options with accommodation providers as early as possible.
Some universities operate a guarantor service. It is recommended that you contact student services at your university to check. Eligibility criteria will apply.
Can Tutors or University Staff Act as Guarantors?
Usually, a tutor or university staff will not act as your guarantor.
Creating a financial relationship between a student and a member of university staff could create a conflict of interest.