Have you/would you ever let without a guarantor?
Have you ever let without asking for one?
What if a prospective tenant had an excellent history, top-notch references, which you have checked and in a very stable, well paid job with no other commitments/dependents/major outgoings?
I never ask for a guarantor
Thank you David.
Actually, I have never asked for one.
In reality, when push comes to shove, how beneficial/reliable are guarantors?
I rarely take on a guarantor. You need someone who is UK based, has sufficient, tangible assets, cash or income enough to cover their expenses as well as your tenant’s rent on a monthly basis. Depending on which part of the country you’re letting in, this can be a very big ask. Ultimately, would you be prepared to pursue them? In my view (letting in London) there is not much difference between a guarantor and a chocolate fireguard.
take the chocolate fireguard at least you can eat it
Guarantor agreements dont usually survive rent increases or tenancy renewals. They are slso very easy to get wrong when being set-up. Having said that, there are certainly landlords and tenants that have benefitted from them.
I haven’t let with a guarantor yet (come close with students recently) but I’ve always been careful with checking bank statements and assessing affordability. I’ve seen a few worrying things like regular payments to gambling companies or odd large payments going in and out without a regular payment from work… if something doesn’t feel right, it probably isn’t. Hope this helps!
Cost of RGI is thro the roof, I will always ask for a Property owner guarantor and if someone can provide it they are top of the list ,I get upto date legal forms from the NRLA being a member so I have little worry there.
What are LL’s experiences on having to call on guarantors to cover unpaid rent?
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