Guarantor terms

Hello, I am wanting a flat for myself and my partner however we both have bad credit etc as this will be our first property

When using a guarantor on here, is the standard required for them to be a home owner or earn 30X the asking rent?

From memory, they need not be a home owner but for rent guarantee insurance purposes they need 30 times the rental value as a net income, or 3.5 the monthly figure as monthly income.

However, they need to ‘pass’ the ‘reference checks’. These confirm income, employment status, address, etc and if CCJs are held by that person. CCJs usually seem to be a no go for most insurers and landlords, but some landlords will take the risk knowing that everyone needs somewhere to live and be given another chance to change their path in life.

Good luck

Could I use the term partner in additional clauses of the contract? A prospective tenant want to live with a girlfriend. However, he’s got an established business with accountant etc. I can’t allow any others, that I haven’t seen, living in the property

Just give him verbal permission for his girlfriend to live there.

So if you do not meet the affordability or pass reference checks then a lot of the time they will ask you to provide a guarantor. The guarantor needs to be UK based and earn 3.5 times the monthly rent. They will obviously need to pass reference checks and will be liable if you do not pay rent. There could also be an option of paying 6 months up front, but it obviously depends on your situation at the time whether you can afford to do that.

OK. Phil here made a good point. Don’t let to people who won’t ‘see’ you, even if you’ve met a lot of the social posts. If you aren’t taking full service from an agency.
Could be wary of households from outside of the area, who cannot give me the full name of the school the child will be starting soon