Retired guarantor

I am planning to rent to a group or 3, 2 of whom are students with guarantors.
We have commenced the referencinf process and realise that one of the gurantors is retired - I probably should have enquired more fully about the guarantors before commencing referencing.
Im not sure if there is any point in having the retured gurantor ‘Comprehensively’ referenced if he is no longer in employment.
Should i ask him for 3 months bank statements to check that he has sufficient income to cover the students rent if needee? Thank you

As long as he is a home owner or has equity he can be a guarantor
I used retired people. They have equity in their home.
If they pass away their liability ceases on their passing

He may be on a good pension and own his house with no mortgage What you ask for is up to you

If you reference him along with the other guarantors his income should appear and they will assess affordability.

Yes you should reference any guarantor. You don’t know what pension he has or other income streams (eg property). If he can’t afford to pay the rent then he is not suitable. Generally a guarantor needs more income than a tenant as if they are called upon they need to be able to pay for there own property costs as well as the tenancy.

I have many tenants who have Guarantors especially those who are students who live in a shared house. When a group enquires, I always get anyone who is on the tenancy to fill in an application form including Guarantors. This tells so much about the individual in advance and then they have to back it all up with ID/Bank Statements/Landlord References/HMRC Documents/Credit Checking etc to confirm if what they have stated on the application form is true. I always allow around 7-10 days for all the references/docs for a group to be drip-fed back by e-mail until a complete picture is built.

There are many such free forms available but the ones I use are on the Landlordzone website, used them for years now.

Always combine any income for both tenants/guarantors and use a calculation to see if they pass the affordability to be able to sustain the rent payments.

All the best,

Thanks everyone for your responses, this is really helpful.

We will have 3 tenants, 2 of which will have gurantors. Each if these 2 tenants will also pay 3 months rent upfront.

Should each of the 2 gurantors gurantee their tenants portion of the rent, or the entire rent for the property?

We have let this flat out for many years, always through and agent and to individuals who did not need gurantors, so am learning this process for the first time!

I dont have access to Landlord Zone so could i adjust the open rent tenancy agreement to allow for clauses containing the 3 months rent and gind a gurantor agreement too?

Thank you