Hello, I am a single father, and the landlord needs a guarantor how earns 50x the rent for insurance purposes. I am going through open rent and I am unable to provide a guarantor. There are services that I can get a guarantor through online like housing hand. Co. UK, I am just wondering does open rent accept these
First… 50x the rent? That’s not realistic.
Openrent doesn’t decide what is suitable or not suitable. Individual landlords do. Openrent is not a landlord
It will mean an annual income of 50 times the monthly rent, so effectively just over 4 times rent.
Think this a normal multiple but it is a confusing way to state it to mix an annual income with a monthly rent…
Some landlords will accept this guarantor service, some won’t.
Usually, an affordability test is used, which is 2.5 times the annual rent. 50x is rather excessive!