What is and why students need a Rent Guarantor

If you are a student planning to move to the UK for your studies, congratulations on this exciting new chapter of your life!

And if you need private student accommodation in the UK, no problem. Hallbookers is here to make the process a little easier for you!

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If you're going to study in the UK, we wanted to inform you that you'll need a rent guarantor. Don't worry if you're not sure what that is!

This article will explain everything you need about a UK guarantor for international students, why, and how to get one!

What is a UK Guarantor?

A Guarantor is a person, company or organization that agrees to secure or "guarantee" someone's tenancy agreement or contract.

The Guarantor takes on many (or all) of the same commitments the main party to the tenancy agreement takes on.

This means that if you sign a tenancy agreement, the Guarantor will be responsible for fulfilling many of the terms of the agreement if you don't.

The guarantor's most significant responsibility is to pay the rent in case you cannot.

They may also be responsible for other expenses, such as damages and rent payments owed by other occupants on the tenancy agreement.

Please note that this depends on the terms of the agreement.

When and why is a UK Rent Guarantor required?

When applying for a new rental property, landlords may require you to have a rent guarantor. This is a common practice used by landlords to ensure that the new tenant will not default on rent or cause any damage to the property.

It is important to note that this requirement does not reflect your status or a lack of trust from the landlord.

Why would you need a UK Guarantor?

Renting out a property can be risky for homeowners and building managers. Being cautious about renters can be seen as unreasonable or even evil.

But imagine if a stranger came to your door and asked to move in after just looking around your apartment.

That would be scary, right? So, landlords need to vet their renters thoroughly.

In their shoes, wouldn't you do the same?

You might be asked for one if you:

1. You have a poor or non-existent credit history in the UK.
2. You are a student, or you are renting a place for the first time
3. You are unemployed or have a low income
4. International students and non-citizens may require a UK lease guarantor if they do not meet the property's requirements.

Who can be a Rent Guarantor?

When renting a property in the UK, finding a guarantor who meets all the requirements can be difficult.

This process can be challenging, and specific criteria must be met to ensure the guarantor is accepted.

A guarantor must:

• Be between the ages of 18 and 75
• Have a good credit history
• Be able to pay your monthly rent
• Be a UK resident

It's important to note that if your proposed guarantor fails to meet any of these requirements, they will not be considered suitable.

Who can be a UK guarantor for international students?

International students often find it difficult to find a suitable guarantor in a new country. This can cause great distress if they do not know how to choose a suitable guarantor for themselves.

To begin with, a guarantor can be anyone with whom you feel comfortable sharing your stay. This can be a resident, a relative, or an organization.

Here are some important things to remember about guarantor requirements in the UK:

1. The guarantor assumes the main party's commitments and must be willing to be liable on your behalf.
2. A guarantor doesn't have to be a personal connection. They can be anyone who meets the required criteria by the landlord or agent.
3. For renting in the UK, your guarantor must be a local resident.

Responsibilities of a UK Guarantor for International Students

Having a UK-based guarantor can provide landlords with an extra level of assurance. When dealing with a guarantor, landlords and real estate agencies can efficiently verify your credibility and authenticity as a tenant. This can increase your chances of finding student housing near your university.

Here are some of the main prerequisites for someone to become a rent guarantor in the UK:

Primary responsibilities include:

1. Providing assurance: Your role is to assure the landlord that the tenant can pay rent. Having a UK guarantor means the tenant can pay rent in instalments rather than in one lump sum.

2. Paying rent if needed: If the tenant cannot make a rent payment, you, as the UK guarantor, will be required to make the payment on their behalf. If payment cannot be made, legal action may be taken against both the tenant and the guarantor.

3. Being liable for damages: As a UK guarantor for international students, you are also liable for any damages caused by the tenant during their stay. Damages exceeding the deposit amount may be recovered from the tenant or guarantor.

The guarantor agreement

The guarantor agreement is a legally binding document that should be thoroughly read and understood before signing.

It is important to comprehend when the landlord can request payment from the guarantor, how long the agreement is valid, and what occurs in a joint tenancy situation.

Both you and your guarantor must agree to the terms outlined in the document before signing it.

Importance of a UK Guarantor for International Students

Starting a new life in a foreign country can be overwhelming, especially when finding the perfect student accommodation.

One of the toughest parts of this journey is setting up a home for yourself. But don't worry, Hallbookers can help you!!

Having an international guarantor can make renting accommodation in the UK much easier. With a UK rent guarantor, you can have peace of mind knowing that you always have someone to turn to if you need help paying the bills.

Most rental agreements require a local guarantor, so finding a UK rent guarantor is an important part of your accommodation search.

As an international student, it's crucial to prioritize finding a UK guarantor to help you easily navigate the rental process.

Best UK Guarantors for International Students

Finding a reliable rent guarantor for international students in the UK can be as challenging as finding the perfect student accommodation. To help you out, we've compiled a list of some of the best UK rent guarantors for international students.

Guarantid.com

HousingHand.com

UKGuarantor.com

RentGuarantor.com

Yourguarantor.com