Silly question but what details do you need to become a gaurantor?

Question

My friend has asked me this question because she is moving house. The Landlord for the new property has asked that she can get a gaurantor that owns there own property and has a mortgage statement to back this up. The only person she can ask own her house out right so does not have mortgage statements. what would you suggest she can use apart from the deeds which are locked up in a bank.

Answer 1

As her guarantor, you are guaranteeing to the landlord that, if she doesn't pay the rent, you will.  That isn't really what you want to do,is it.   You just want to give her a "character reference" to say that he should rent to her.

If her credit was spotless, the landlord would never ask for a guarantor.  He wants one because he is on notice that she doesn't pay her bills.

Answer 2

Cash.  If the landlord sees a bank statement from her with enough cash in it, they should approve her.  Is this her first place?  If not, this landlord is being pretty picky.  Maybe they've had bad experiences which happens, but there is no law saying that she has to do this.  This may be something that only this landlord requires.  If there are no other options (which is ridiculous) I'd go somewhere else.

Answer 3

Mush for brains

LL can run a credit check on this prospective guarantor

Guaranteeing rent for some one is not a smart thing to do because this person obviously has a history of making many poor choices, resulting in bad credit. . . and if they continue to make poor choices, run up bills, not pay, etc. THEN the guarantor can be held to make the rent payments on a place they aren't living in, for some one who is not managing their own finances responsibly

Answer 4

If your friend is renting the house, the landlord should only asked for an advance payment and not a gaurantor. Talk to an estate agent.