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. Therefore they become liable joint and several for any of the tenant’s obligations. For example, in case of any default or damages.
To be accepted you must be :
- 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 they meet these criteria, the accommodation provider will run a reference check before accepting the application.
The guarantor then has to sign the tenancy agreement alongside the tenant for the full term of the tenancy.
If you don’t have one and can’t find anyone who will act as a guarantor for you, Housing Hand can do this for your tenancy. If your landlord or letting agent doesn’t know us yet, we will introduce ourselves and our guarantor service to make your property search easier.