Why Do You Need a Guarantor?
The world of renting can be confusing, especially if it is the first time you’ve done it. Here at Coapt we want to try and break down the process and explain in terms that are straightforward and easy to understand. So, what is a guarantor and why do you need one?
Essentially a guarantor is someone who agrees to pay the rent if you are unable to. Typically, the guarantor needs to own their own property, or they can provide proof that they earn a minimum amount of money. They can be a parent, guardian or friend.
It is important for students to have a guarantor as they are not working full time and cannot provide proof of income to pay the rent. We understand that many of you have a student loans that will cover your rent, but a guarantor is still needed to show that there is someone accountable for any damages or outstanding bills if the tenant fails to meet their responsibilities.
International students will still need a guarantor too, most landlords will want a guarantor who lives within the UK. Often, international students are unable to obtain a UK guarantor, this leaves them with two different options: paying a significant proportion of their rent upfront or using a service such as Housing Hands that can act as a UK guarantor for them.
Although you will be responsible for your rent for the duration of your tenancy your guarantor act as an insurance that these payments are always made and there are no unsettled debts at the end of the tenancy.
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