What is a guarantor?
A UK guarantor is someone, included in your contract, who guarantees that the rent will be paid if you cannot pay it yourself. This is normally a relative or a friend.
Your guarantor must:
- Be a UK resident
- Receive a UK income
- Earn 3x the annual rental amount
- Pass referencing
Why do I need a guarantor?
If you are a student, unemployed or are unable to pass referencing due to low income and you want to pay your rent on a monthly basis, you will need a UK guarantor in order to rent.
I don't have a UK guarantor, what do I do?
There are numerous online guarantor agencies that are able to be written in as your guarantor in exchange for monthly or single payments during your tenancy.
Depending on your situation you can pay anywhere up to a month’s rent extra for a full year of guarantor scheme.
Example: a working professional earning up to 30k can pay £1,500 per year to a guarantor scheme for a flat rental of £1,500 per month.
You can get an estimate of how much it would cost you at housinghand.co.uk.
I don't want to use a guarantor, what other options do I have?
You can pay your rent in 6-month instalments or the full value upfront, and then you won't need a guarantor.
Got any more questions? Let us know in the chat.