UK Landlord Forum / Life

Hi everyone.

I've been asked to be a guarantor for a freind and as much as I do trust them I'd be putting myself in a very tight position if it all goes wrong.

So I'm just wondering if a guarantor can take tenency insurance?

thanks
The Doe

You should not even bother looking into this.They have presumably failed the income test,which is not a good sign.Many landlords,myself included,avoid such tenants.It is also generally agreed that guarantor agreements are not worth the paper they are written on.Obviously if your friend values you, they would do everything to honour their side of things.But things happen,and the potential problems could cause you both much embarrassment.If they can't find another guarantor,they should look for somewhere more affordable.

It's not always true that a tenant cannot afford the house, I have a CCJ from a time back when I was an idiot. I currently earn 26K a year after tax and I can easily afford every rented house I've ever applied for, however the CCJ always throws a "get them to sign with a guarantor" response from letting agents. I have the money I have learnt the necessary money management skills that I lacked and yet still 5 years after my CCJ I am still classed as a risk. I am not personally but my credit score says otherwise. I have thousands saved in the bank and I am relatively solvent when it comes to finances. My advice, have an open and frank discussion with your friend, ask to see pay slips, savings accounts and bank statements. Treat your friend as the individual that the credit score fails to do.