Renting without guarantor

[Sallygoround631]

Name changing as I don’t like discussing personal circumstances online.

Fairly simple-ish scenario.
wishing to rent (around £600pcm. Level).
Was previously living with parent in parent’s own home until recently as her carer until parent went into care long term.
Whilst there in past year began my own business which is good but still very new and does not bring in same amount each month. Roughly £2000 per month . So very fledgling stuff.

Parent sold home and I inherited money, as did siblings.
My savings amount to £33,000. (Not including monthly income).
I claim no benefits.

Thing is, I am not interested in finding a guarantor. It is something I am uncomfortable with and as a very private person I do not want to ask anyone to do that, even though I have good friends.

I plant to continue with self employment and whilst that grows, take on some employed work. Was previously a photographer. I would probably need to find the property before my new employment as I am moving out of town.

What are my Options?
Is this do-able?
If not I can stay with partner but would prefer to have my own place for the next few yrs.
Thanks x

[Sallygoround631]

Forgot to mention - my mother has offered to help me with any financial issues that pop up until I find extra work, so whilst I know that I can absolutely cover the rent, the landlord/agency won’t.

[freetony]

When I rented I was told you would only be asked for a guarantor if your credit file had a CCJ on it. I don't know if things have changed.

[mencken]

it depends on what insurances your landlord wants and can get, and affordability checks. I couldn't get insurance for you even with your savings, and paying six months up front wouldn't help either as my insurers also refuse that (drug dealer tactic, not that I assume that is you!)

being a guarantor is indeed a big ask.

all you can do is ask when applying to rent, but don't take it personally if refused. Despite the yells from MN/guardian/shelter, tenants have a lot of rights and are very difficult to evict (as it should be) so landlords have to be very cautious. Our broken court system means that evicting for non-payment is almost impossible so a rent guarantee policy is essential for any prudent landlord. The effect is severe selection of tenants. Sorry.

also read the how to rent doc on gov.uk so you know your rights. Should help stop you renting a dump from a crook.

[Sallygoround631]

Apologies for the delay.
Thanks @mencken for such a thorough reply. This is very helpful in assessing where I stand. I had thought as much.

I possibly could locate a guarantor, as have several friends who would fit requirements but no matter how well they acknowledge my integrity, it still feels so very wrong to ask someone.
At least now I can appreciate this from the landlord perspective.
Thank you!

I also did not,know that about drug dealers. God it’s depressing

[Asdf12345]

We have always refused to try and find a guarantor but have offered the contract paid upfront and proof of employment and income. Never had trouble despite always being initially told a guarantor was mandatory every time.

We did pay a double deposit on this place though.

[Asdf12345]

I should add we have never actually paid the whole contract up front but being prepared to seems to settle the deal. We would have paid had people accepted it but we have been expected to pay monthly.

[DivisionBelles]

We were in a position recently with DS who needed a guarantor to rent his student house this year. The letting agent would only consider a guarantor who was a homeowner and unfortunately we are not. DAs offered to pay 6 months up front but that would not fly either. In the end he used a company called Housing Hand who guarantee the rent and avoid the need for a named guarantor. You do need a co-signee and if you do default, they will chase you and the co-signee for the unpaid rent, but does mean you don't need to ask someone close to you to be your guarantor. If you know you won't default on the rent then it might be an option. It does cost though - I think DS paid around £400

https://www.housinghand.co.uk/guarantor-service/

[Sallygoround631]

Thanks again for more info!

I shall probably attempt to secure a guarantor and proceed to avoid using it unless mandatory.

[Crawley65]

A family member was in the same position and without a guarantor the letting agent requested six months rent upfront. This is in London.

[Sallygoround631]

I’d be happy paying 6 up front. Probably best to have both eggs in my basket, so to speak.

My choices would be professional homeowners but it is just such a weird thing to ask of someone.
I have no idea how those on benefits or a very low income without home owning friends do this.

I’ve known a few acquaintances who have been landlords in the past and were severely burned (actual shit smeared on walls, unable to evict, etc)
I can see both sides.

[Sallygoround631]

There ought to be a renting ‘record’ - so that landlords can access info of a prospective tenants rent paying history over decades . I would be the golden girl

[Needmoresleep]

I am a landlord. Six months upfront is standard for someone who wont reference well but is a reasonable risk. (Overseas students are regular example.) After the first six months you should be able to move to paying monthly.

Not all landlords may be able to take you as some may be constrained by insurance. Dont take it personally. Discuss your circumstances with the letting agent. He can then sell you to prospective landlords as a good potential tenant.

[mencken]

glad I was of help. I didn't know anything about drug dealing until a tenancy went wrong, either.

there are some serious scrotes out there and as always, it reflects on everyone else. The reason the loss of section 21 ('no fault') would be so bad is that it is almost impossible to evict under section 8. Even a trashed property full of druggies cannot always meet the standard of proof. That's why when sec 21 goes in England, so will many rentals. Might lower sale prices a bit.