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What is a Guarantor?
- A Guarantor is someone is responsible for the Tenants payment of rent should this not be paid, or if the Tenant causes damage to the property beyond the value of the deposit held.
Who needs a Guarantor?
- Generally, any potential tenants under the age of 25 will require a guarantor. Applicants over 25 who have a lower income may also require a Guarantor.
What does a Guarantor need to do?
- A Guarantor will need to complete an application form and be credit referenced in the same way as a Tenant and also to sign an under-taking to be legally responsible for any none payment of rents or damages that the Tenant may incur.
Why does a Guarantor need to be credit referenced?
- As the Guarantor will ultimately be responsible for the payments of the rent throughout the tenancy, then its essential that we ensure the Guarantor has a suitable income to substantiate any such payments.
Guarantors...
