WHAT IS A GUARANTOR?

WHAT IS A GUARANTOR?

A Guarantor is a person who agrees to take on the responsibility of paying another's rent if they are unable to pay it. A tenant will require a guarantor if they earn less than a certain salary set by the landlord or letting agency in charge of the tenancy.

To be eligible to become a guarantor in the UK it is important that the guarantor lives in the UK, not in a rentedaccommodationand is in employment. Guarantor's, typically speaking, are parents or close relatives of the tenant therefore can be relied on to pay the rent if the tenant is unable to.

If a tenant lives in sharedaccommodationunder a shared tenancy agreement than it is common for the guarantor to be liable for the whole of the rent rather than just one tenant's share. If this is the case, some landlords or letting agent's may increase the required annual salary of a guarantor to ensure that it can be paid on all tenant's behalf.

A guarantor is most likely to be responsible for paying unpaid rent until the guarantee agreement expires. However, if changes are made to the agreement, such as an increase in rent, a guarantor could withdraw from their responsibilities rather than sign a newguaranteeagreement.

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