UK Landlord Forum / Life

Have other landords here let a property out without a guarantor?

I never used guarantors. I believe they are only useful for student lets, and, otherwise are a false sense of security for landlords encouraging them to let to tenants who can't afford a property.

Likewise, I've never felt the need to ask for a guarantor. There may be circumstances where it's useful to have one but for the most part I'd sooner assess the tenants on their own merits. The general feeling seems to be that they're a faff to organise and difficult to enforce if the need ever arises.

Same here. A couple of times in the past before I managed the rentals, the agents used guarantors.Useless bit of paper.  Never bothered since. If someone cannot pass the required checks on income or credit rating I would not want to know. 

I think the issue depends on the financial status of the Tenant, so start with full Tenant Referencing.

If the result of that is inadequate or delinquent then consider a Guarantor but only if you get a proper Guarantor agreement that is rock solid.

Also make sure the person being a Guarantor lives in the UK, has UK Citizenship and they themselves pass Tenant Referencing. This is NOT a time to not carry out the credit reference check because they do not want a mark on their credit record because it may affect their mortgage.  The last person I heard who did that lived in social housing, did not have a mortgage and had a plethora of failed companies according to Companies House.

Another Landlord was left high and dry when the Guarantor lived in Mali.

However, what I can tell you is that several who have a properly vetted Guarantor are damn grateful that they do.  They can also be used in the event of any dispute with the Tenant, either as a deterrent, or a mediator or finally as the person who pays for the damage done.

Quote from: Efka on April 03, 2025, 06:10:46 AMHave other landords here let a property out without a guarantor?