Guarantors
Our experienced team at Tod Anstee understands the importance of reliable guarantors, providing peace of mind for both landlords and tenants.
Guarantors are required when one or all of the tenants cannot be suitably referenced financially. It is important to understand your responsibilities as a guarantor for a tenant, but rest assured, we will guide you through the process so that you fully understand your role.
The role of the guarantor
It is important to note that guarantors agree to become jointly and severally liable for tenant obligations, for the duration of the tenancy and for all parties named on the tenancy agreement. The duration of the tenancy includes tenancies which are renewed or are periodic.
Qualifying as a guarantor
Guarantors must be over 21 years of age, have a good credit history and financial stability. Additionally, guarantors must be resident in the UK, hold a UK bank account and meet the ratio requirement which is currently at least 36 times the monthly rent, for example, for a property with a monthly rent of £1,500, the guarantor would need to evidence income of at least £54,000 per annum in order to qualify.
Documentation we will need to see
In order to proceed through referencing, Guarantors will need to provide proof of ID, address and income. It is important that you are happy to provide this information prior to proceeding as a guarantor.
Your responsibilities as a Guarantor
You may be liable if the tenant(s) cause damage to the property and if the tenant(s) are in rent arrears, you will be expected to pay as well as any incurred landlord costs associated with this. Should the tenant(s) fail in any of their obligations, the landlord may take action against them and as a guarantor, you.
We are here to help
Agreeing to be a guarantor is an important decision and it is always best to have all the information you need before entering into an agreement. We are here to help and happy to answer any questions you may have before the referencing process begins.
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Our Experienced Team
Our approachable residential lettings team is always on hand to provide friendly professional advice. We always listen. The team generates results and very happy to provide in depth local knowledge. Find your residential lettings expert:
