Me and my partner are wanting to rent a 1100 a month property. I believe I will need a guarantor for this as I’m waiting for my start date for a new job so can’t prove what my level of income will be yet.
I’ve done a lot of research on guarantor criteria but it looks like my guarantor will have to have an income of 52,800, and I cerainly dont know anyone who earns that much money! (1100x12x100/25)
I’ve read some places that guarantors can use assets rather than income i.e. a house they own, but I cant seem to find out if open rent allows this or if its only on income. If you can only use income I dont know how anyone can ever get a guarantor on a property this price! If you had multiple guarantors sign on could they collectively make up the price?
I dont know if youre allowed more than 2?
Super frustrating because I coule literally pay the whole year in advance but I dont believe you can do that/ dont imagine people like to do things that way.
It will be upto individual landlords what their criteria are, some will be more flexible than others in criteria and some will allow assets, some wont. Its not a decision for openrent although their referencing partner does base their recommendation on income only so it would depend if landlord is willing to ignore the reference companies recommendation.
Paying rent in advance is an option, just be willing to be fully referenced as well as landlords get suspicious where rent in advance is used to avoid referencing.
If the agreement is on both you and your partner’s names then you’re probably going to be paying half the rent; although depending on your agreement you could be responsible for all of it should your partner not pay.
Depending on the sort of agreement - joint (where each person is responsible for the whole rent) or individual (where each person is responsible for their own share), guarantor earning calculations will differ i.e. will be on half the amount of rent for the latter.