Fiancé has agreed to be a Guarantor - I’m not happy

I would not be a guarantor for anyone. I think the more people that put their foot down this has to end as a system. It is not a requirement of all insurance as somdeone said above
I agree with this from @soupfiend I wouldn't want to facilitate anything which helps landlords siphon other people's hard earned money into their retirement fund.

I would only do this if I could find the price of their rent every month until the agreement ended. The most honest and careful can have crises outside their control that mean they can't pay - redundancy, failure of their own business, sickness, accident, world events. It doesn't mean you don't trust them. If there is a problem and your money isn't involved in covering the rent you will be able to help them in other ways.

I’d be fuming. I know someone who ended up in deep trouble as a guarantor for their child who stopped paying their rent. It ruined his finances & his relationship. I would never be a guarantor for anyone.

I would not be happy with this. Do you know all the conditions for being guarantor? Is it solely for rent or is it for all aspects of the tenancy? ( I dealt with guarantors where they were liable if the tenant caused damage) Is it for a limited time or for the whole of the tenancy?
Has he taken independent advice on his responsibilities?

Thinking about this a bit more, how long is the tenancy commitment for? I'm not sure if you can do this but I would put a limit on the guarantor status if you can, say 2 years and get your Fiancé to tell his family and the landlord that if they want to renew the tenancy agreement after that date, it will be without your Fiancé as guarantor as it will affect your financial ability with regard to your own future home. That gives them ample time to get on their feet, so you are being helpful, and gives a valid reason why you have set a deadline. It also limits your partners financial commitment to two years.

I say this on the basis that it is a done deal,

He's gone directly against what you asked him to do, and this is in the early stages of your being together where he's on his best behaviour.
I'd be wondering if he really sees marriage as a partnership or is it a case of 'I'll do as I please and you do as you're told'?

People are focussing on this being 'your problem' if you marry

However it may be too late for that.

You havent answered questions about whether you jointly rent or have a mortgage together, have you made application for a mortgage together, do you have joint accounts?

Marriage is one thing, but you may already be financially associated with each other

I would not be a guarantor for anyone. I think the more people that put their foot down this has to end as a system. It is not a requirement of all insurance as somdeone said above.

Say what?

The only way anyone should ever sign to be a home owner guarantor for anyone is if you will be able to stump up the persons rent should they become unable to pay it (obviously could be thousands depending on how upfront they are or if they wait until it’s a big old mess) or if you are ok with your property potentially being repossessed should you/the person you are guarantor for be unable to pay the arrears.

My dh is a LL and the amount of people who sign up to be guarantor for relations without having any idea of what it actually entails is quite unbelievable. Most guarantors end up paying up but we could legally take them to court if they dont/cant - obviously no one wants it to go that far.

Can he afford to pay out a huge lump in rent arrears? They don't just come and ask him to take over the rent. They'll send bailiffs when it's gone that far.

Tbh I wouldn't be marrying him or joining finances with him. Nor would I share a house. It's a stupid thing to do.

I would 100% do this for my siblings assuking that the new property is anyway sensible. If they had history of being shit with money then no. But as they are right now, I would. This would he totally normal in my family. I understand it is not for everyone and that's not how they do it but to me this is not a dealbreaker unless ther eis a history with the siblings

If a debt occurs it's entirely the fiancé's debt and that remains the case once they are married. If fiancé can afford to pay any arrears it has no effect on the OP.

100% he should have discussed it with you first. Of course they have no intention of defaulting but he has just gone self employed and he is not in a position to confirm they can cover the rent and that is why the landlord needs a guarantor. What happens if they can't make the payments, can your fiancé cover them whilst maintaining your overheads? If not it will affect his credit rating too (on the assumption you live together).

Also if your Fiancé applies for credit for say a mortgage, they may consider the money he has agreed to cover as guarantor as part of his fixed outgoings even though he may not be paying it. That could make the difference between you getting a mortgage and not.

In my opinion. The facts are:

You're planning on shortly signing a contract with someone that legally joins your finances

Any decision that will or could significantly affect those finances should be made jointly. That's any decision- large investments, setting up a business, or as the OPs fiance has done agreeing to pay someone else's rent if they default.

Ita fundamentally unfair to agree to something that could affect your partner significantly, without their agreement

It's not sad!
He is nuts to do this

Absolutely not.
If he was extremely well paid and it was a paltry amount and he discussed it with you...maybe.

In your situation where it might impact your own home? Not a chance.

Deal breaker and I certainly wouldn't be marrying such a man.
His judgement is off.
His loyalty is completely off.

This could be a taste of your future.
Do not link your finances to such a person.

The guarantor system is appalling and even landlords are fed up with it. It is a condition of insurance mostly, so guess who it benefits?

As a long term renter, who likes to move around, I have always paid up front instead. However, I am lucky to have a good income, and never wanted to own.

It really needs to die a death and treat adults as adults instead of potentially naughty children.

I would be rethinking the wedding. That kind of financial irresponsibility is not a burden you want for the rest of your life.

does he have a years worth of rent sitting in savings to hand over? Can he afford to get a bill for extreme damages? If not, he can’t afford to be a guarantor.

it’s a risk a parent might take for a child just starting out. It certainly isn’t a risk needed for someone who is already housed.

I'd be furious. How long is the tenancy?

Do you currently live together? Own or rent?

I would probably postpone wedding as I would be concerned about family money being used to prop up BILS business/pay rent.

A friend of my DD recently got pursued for a guarantor ship she signed for an ex boyfriend whose rent she guaranteed when offloading him. She was outraged that she actually had to pay his arrears and acted like she had no idea what she had signed up to. 🙄

That’s not the way marriage works. It sometimes works that way upon divorce but if I own a property it doesn’t become a marital asset upon getting married, it belongs to me and I can sell it without my spouse’s permission. Equally if I acquire a debt whilst married it’s not joint (although sometimes it might become joint upon divorcing as part of a settlement)

I would be very reluctant indeed. As others have pointed out, it could go badly wrong for him, if they get into arrears. Debt collectors will go after whoever seems most likely to pay, which won't be the defaulters.

I refused to be a guarantor for my nephew, to the tune of £1,500 a month for one year. A good move on my part, because he couldn't get any work and abandoned the flat after 3 months. I paid a month's deposit and told him he didn't have to pay me back, if he was struggling.

It caused all sorts of ructions, with my SiL (his mother's sister...) accusing me of being cruel and abusive. Quite why she thought I had 18 grand spare is beyond me! That's what it would have cost me, less the month he managed by himself.

Waiting until you got home would probably mean they'd lose the property. They are going ridiculously fast at the moment.

Surely you would if you were married and it became a joint liability?