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What Is a Guarantor?
When applying to rent a property, you may be asked to provide a guarantor as part of your tenancy application.
A guarantor is someone who agrees to meet certain financial obligations under the tenancy agreement if the tenant is unable to do so. This provides additional reassurance for the landlord and can help some applicants secure a tenancy.
At Yes Properties, we’ll explain when a guarantor may be required, what responsibilities they take on and what documents they’ll need to provide.
Why Might I Need a Guarantor?
Not every tenant needs a guarantor.
However, a landlord may request one if, for example:
- You’re renting your first property.
- You’re a student.
- You’ve recently started a new job.
- Your income doesn’t meet the landlord’s affordability requirements.
- You’re self-employed and have limited financial history.
- You have a limited UK credit history.
- Your circumstances mean the landlord would like additional financial security.
Each application is assessed individually, and we’ll let you know as early as possible if a guarantor is likely to be required.
What Does a Guarantor Agree To?
By signing a guarantor agreement (sometimes called a deed of guarantee), the guarantor agrees to meet certain obligations if the tenant fails to do so.
Depending on the wording of the agreement, this may include:
- Unpaid rent.
- Reasonable costs arising from damage beyond fair wear and tear.
- Other financial obligations covered by the tenancy agreement.
- Costs that the guarantor has expressly agreed to guarantee.
A guarantor should always read the agreement carefully and obtain independent legal advice if they are unsure about their responsibilities.
Who Can Be a Guarantor?
Every landlord may have slightly different requirements, but a guarantor will usually be expected to:
- Be over 18 years of age.
- Have a stable and sufficient income.
- Have a good credit history.
- Be able to demonstrate they can meet the financial commitment if required.
- Successfully complete referencing checks.
Some landlords may also require the guarantor to be a UK resident.
What Documents Will a Guarantor Need?
Like tenants, guarantors are usually asked to provide documents to support their application.
These may include:
- Proof of identity.
- Proof of address.
- Proof of income.
- Employment details.
- Bank statements.
- Credit and referencing information.
We’ll explain exactly what’s required if a guarantor is needed.
Does Being a Guarantor Affect My Credit Score?
Simply agreeing to be a guarantor does not automatically affect your credit score.
However, if the guarantor becomes legally liable for unpaid sums and those obligations are not met, this could have financial consequences depending on the circumstances.
Anyone considering acting as a guarantor should understand the legal commitment before signing.
Can I Change My Guarantor Later?
If your guarantor is unable to continue or your circumstances change before the tenancy begins, it’s sometimes possible to provide an alternative guarantor, subject to the landlord’s approval and successful referencing.
Once a tenancy has started, changes are generally more complex and will depend on the terms of the tenancy and any guarantee agreement.
Frequently Asked Questions
Will every tenant need a guarantor?
No. Many tenants successfully rent without one.
Can a friend act as my guarantor?
Potentially, provided they meet the landlord’s criteria and pass the required referencing checks.
Does my guarantor need to own a property?
Not always. Requirements vary between landlords, although some may prefer or require a homeowner.
Will my guarantor be referenced?
Yes. In most cases, guarantors undergo affordability, identity and credit checks similar to those carried out for tenants.
Conclusion
A guarantor can provide landlords with additional confidence while helping some tenants secure a rental property.
If you’re unsure whether you’ll need one, don’t worry. At Yes Properties, we’ll explain the requirements clearly and guide both you and your guarantor through every step of the process.
