When a Guarantor would be required:
References are taken on behalf of the landlord and include, credit history checks, employer and/or proof of income, affordability and former landlord checks. In some circumstances where a person feels they may not pass the reference for reasons such as low income to rent ration, a guarantor can be used, or the rent may be paid in advance. Always ask us if you are concerned, as there may be alternatives available to you, but it’s easiest if mentioned at the start.
Guarantor Responsibilities:
- In consideration for the Landlord granting the Contract holder a tenancy of the Property, the Guarantor agrees to pay the Landlord and the Landlord’s Agent for any reasonable losses suffered as a result of the Contract holder failing to fulfil any of his obligations under this agreement or failing to pay Rent or other monies lawfully due.
- The Guarantor agrees to pay, on demand and in full, any overdue Rent or other monies lawfully due under this agreement for the full Term and until vacant possession is given to the Landlord.
- The Guarantor agrees to make payments lawfully due under clause 8.1 or 8.2 even after the Contract holder has returned possession of the Property to the Landlord.
Guarantor Requirements:
- To be over the age of 25
- To have a clear credit history (no CCJs, IVAS or bankruptcies)
- To successfully complete and pass the reference process
- Confirmation of earnings over three times the annual rent of the property
- To be based in the UK
- To sign the Assured Shorthold Occupation contract as Guarantor
