Guarantor FAQs
Who can act as a guarantor?
A guarantor is usually a UK-resident with a stable income, often a parent or close relative of the tenant. As a guide, referencing looks for a gross annual income of around 36 times the monthly rent. Guarantors are referenced in the same way as tenants, including a credit check.
What am I agreeing to as a guarantor?
You agree to cover the tenant's obligations under the tenancy agreement if they do not meet them, most commonly unpaid rent, and in some cases damage beyond fair wear and tear. It is a legally binding commitment, so read the guarantee wording carefully before signing.
How long does the guarantee last?
Typically for the life of the tenancy, including the rolling periodic tenancy as it continues. It normally ends only when the tenancy ends. If you are unsure of the exact terms, check the guarantee document or ask us before signing.
If there are joint tenants, am I liable for all of them?
Under many guarantee agreements liability covers the tenancy as a whole rather than one person's share. The exact position depends on the wording of the agreement, so check it carefully and ask us if anything is unclear.
What documents will I need to provide?
Photo ID and evidence of your income, such as payslips or tax returns if you are self-employed. Referencing and credit checks are carried out by the referencing company Homelet, and most complete within a few working days.
Will being a guarantor affect my credit rating?
Referencing typically involves a credit check, and acting as a guarantor does not in itself appear on your credit file. It could affect you if the guarantee is called upon and goes unpaid, so it is important to be comfortable with the commitment.
