OpenRent Community

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.