Student house guarantor problem

[clementinecake]

My daughter is starting university next month and needs to rent a 1 bedroom flat. The university she is going to has extremely limited halls availability which is also very expensive.

Paying the rent is not a problem as it will be paid upfront. I thought that this would avoid having a guarantor but the letting agents still require one.

The problem is that I can't be her guarantor as my income is low and I don't have anyone else to ask.

Any suggestions or experience of what I can do?

[onadifferentplanet]

Does she want to live alone? Will a flat not be more expensive than Halls? Would she consider a house share that might be cheaper, there are usually some of those available now, Ds recently had to advertise as one of his housemates has decided not to return in September. There are usually some on the Student Room.
I am a single Mum on a limited income and needed a guarantor for my dd when she did her year abroad, her grandparents were happy to do it, have you a relative you could ask? They knew there would be no problem as everything was paid in advance so really just a case of them signing the form

[Janika]

My son still needs a guarantor and there are 3 of them in there.

[clementinecake]

Thanks for your reply. She is a mature student and wants to live alone, which will also be cheaper in her case.

No family except grandparents, he's retired, his income is about £14,000 from pensions. We have been told the the guarantor needs to earn 30 times the rent so this is not enough. It seems unnecessary to stipulate this when the rent is paid upfront. I'm not sure why a guarantor is still needed when the cost is covered.

[kittybiscuits]

I don't think they looked at my income when I signed as guarantor. I agree when you are paying up front, the same rules needn't apply.

[clementinecake]

They run credit checks and ask for bank account details so I'm presuming they contact the bank to check income.

[kittybiscuits]

I'm not sure they would. I don't think the bank could disclose your income.

[chelseahotel]

I signed as guarantor for student DD and no one asked about my income.

[LemonyFresh]

30 times the rent?

So if the rent is £100 a week the person needs to earn £3000 a week?

[Bluntness100]

I also signed as guarantor for my daughter, no one did a credit check or asked my income. They also didn't ask for my bank account details.

[Bluntness100]

And are you sure it's thirty times the rent? This seems excessive in the extreme.

[AgentProvocateur]

I was a guarantor for my son, and they contacted my employer who had to confirm my salary in writing and confirm that my role was permanent.

[Lesstressy]

In my very recent experience refusal or inability of a student to provide a guarantor simply resulted in the lettings agency requiring rent to be paid quarterly in advance.

[clementinecake]

To the posters who said they didn't have a credit check or an income check were your dc living with others? in other words if there are other students living in the flat there would be several guarantors.

They definitely said 30 times the rent. Apparently the guarantor needs to be able to pay their own mortgage/ rent and the dc's rent if they defaulted.

You have to sign the guarantor form which gives them permission to run credit checks. Can they contact your bank too with this permission.

It all seems quite invasive when they already have the rent.

[LemonyFresh]

It really doesn't sound correct. If the rent is £600 a month, the guarantor would need a income of £216000 pa?!

[chelseahotel]

Yes mine's in a shared house and all parents had to sign. No financial details asked for though.

[Lesstressy]

For my DC's house two students had parents who agreed to be guarantors, two students did not, precisely because they were uncomfortable handing over sensitive details to a slightly shady-looking student lettings agency (I remember what they were like when I was a student!). Just say you are not in a position to be a guarantor and ask for an alternative arrangement.

[Bluntness100]

Yes mine is in shared too.

The thirty times seems high though do you know anyone who is earning 250k plus a year? I think that's the bigger question.

[LetBartletBeBartlet]

Thirty times the rent is quite standard, and is 30 x one month's fee.

So in the 600/mth scenario, you'd have to be earning 18k

[Bluntness100]

Op, are you sure it's not three times?

[Bluntness100]

Ah that's makes more sense. So if it's a thousand pounds a month you need to be earning 30k.

[user1493630944]

I have acted as guarantor several times and only once had my income checked.

[Tapperrapper]

As a guarantor you are not only guaranteeing the rent but you are also liable for any damage to the property caused by the tenants which cannot be covered by the deposit alone.

[Topseyt]

It can't be 30 times the rent or we could never have been guarantors for our DD1 when she was renting as a student.

We have been landlords too for many years now, and I can assure you that no guarantors we have ever had have earned anything like 30 times the rent.

Most students do use parents or occasionally grandparents as their guarantors. We let to other types of tenants, most of whom also use close family members.

[Topseyt]

Also, I am not aware that there is any minimum amount that the guarantor must be earning. Just that they must agree to be credit checks and must be able to support themselves realistically if they should be called upon to cover the rent.

[Lucysky2017]

My son's tenants paid 6 months up front and a deposit and that was fine with my son and the letting agent - no guarantor as surely if you have the rent in advance you aren't running a risk. I think the agent is just trying it on here.