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

There will presumably be stipulations and conditions in any insurance policy and I still wouldn’t want to run the risk of the insurer refusing a payout for whatever reason.

I second this. OP I would want to see that document and have it ripped up in front of me. He’s gone behind your back once, are you really about to trust that he won’t do it again. It sounds as though you only have his word for what happened.

No. It’s not a credit agreement so there’s no cooling off period. Also, not many posters seem to be aware the tenancy has to be brought officially to an end to release the guarantor. For an assured shorthold tenancy the term may state 6 or 12 months, but it will not just run out at the expiry of the fixed term. The landlord or tenant must give formal notice to end it or the agreement will continue to run until formal notice is served, so it could theoretically run for years, during which time the guarantor will still be liable.

In OP’s case it’s not clear whether her fiancé has any stake in the house - he’s not on the mortgage but could be on the deeds. In which case if he defaults on the guarantee he could end up with CCJ’s, court costs, visits from bailiffs or a charge put on the property. All of which would financially impact the OP.

I think you are far too quick to move on from this.
Why has he not got the document he signed?
I would not be so trusting that this is all over.
I doubt this will be the last time you face this issue.
Naive men are not appealing.
Their stupidity usually has consequences for others.
Not a chance I would allow one to mess up my finances.

The fact that the brother-in-law got shirty is a very strong indication that he felt entitled to money from your fiance op. This guarantor thing was probably a foot in the door with a view to getting further amounts of money out of him.

Is there a 14 day cooling off period like with most financial arrangements or is that products only?

This!

@JennaZ I have more than 20 times that "spare" and that will go up because of inheritance (which I would have never got if I hadn't made my own way as well - that was made clear) and I would never do that because money can never be "spare" really. For example, talking of children's education - my DC's school fees are going to go exponentially from the VAT rise from a very high point to start. I need to know that I can always cope with that bill as well as others.

And by even implying OP could do it she is opening the door to future requests. If my DH's brother (and his partner) had any knowledge of what we really had he would be on the hunt constantly for some kind of support like that. Even as it is him and MIL have implied they should get help from us tho she's not poor and he makes his own bed.

In situations like the one presented, people make their own decisions. They need to take the consequences.

Why can't he get the document he signed back? Or get confirmation from the entity thst requires the guarantee that he's not listed as a guarantor.

If I was the guarantee holder, I would assume, and argue in court, that any side arrangement between the parties, after the fact, was an attempt to get out of the guarantee.

He hasn't a leg to stand on with a side note from them.

There isn't much choice.

Sounds like he’s now realised the implications of doing it…..the potential consequences…..and has dodged a bullet

Im being a debbie downer, but is he a people pleaser?

He did it because they asked and now he wont do it because he knows you're questioning it?

Very disappointing to hear about the siblings ungratefullness. No right to be disappointed to be honest.

GREAT news OP (I'm assuming he hadn't already signed the guarantor agreement) and you did a GREAT job explaining the gravity of this undertaking to him. 👏 And to give him some credit, he was prepared to back-track with his sister and BIL and deal with their anger/disappointment (of course, if he'd listened to you in the first place, this wouldn't have been so bad ..... 😉). Thanks for updating - it's good to hear the outcome (so many MN OPs don't do this!).

Then the answer would be no from me on the question of acting as guarantor for a student in a house share. No way would I open myself up to guaranteeing that the rest of the tenants pay their share.

It appears that he has been met with them kicking off at him, I just hope that once the disappointment that they are rightly allowed to feel, they will realise how much he is willing to put himself out for them in other respects and still want a good relationship with him

I'm afraid the "kicking off" is only what I'd expect, given his past enablement and their own clear entitlement. Folk such as this don't tend to appreciate the bank doors being slammed shut and rarely consider what's already been given, but I suppose there's always hope

Sorry though, but for me the "stupid naivety" would be reason enough in itself to reconsider marrying him, and that's before you get to him ploughing ahead with this and ignoring what you'd said about discussing it first.
That suggests not naivety but disdain, and I'd worry that the same attitude would crop up elsewhere even if the current mess is "resolved"

Well that's a good result.

A lot of landlords wouldn't let you off being a guarantor even if 12 months rent is paid. They still want to be able to sue for damages.

And when they are married, own a house together, and have joint finances ? What then ?

And if OP and her fiancé are living together then it absolutely is everything to do with her, regardless of whether their finances are joint or separate. This is a massive financial commitment and can impact future joint finances and any joint mortgage applications or renewals. Not only that but he made it without her knowledge despite not having the means to cover the arrears if his family defaulted. So OP would be left with a choice to either ask him to leave, or help him with a debt she had no part in.

I'd just stick to being a `fiance'.

Yes, you do. They can pay 12 months rent up front, or you can. If you act as guarantor to a student in a house share you are effectively held responsible for anyone in that house share defaulting, not just your child. If someone defaults or leaves and the others can’t cover the shortfall, you could find yourself liable.

If he's not signed yet and can still pull out, that's a relief. But I think in your discussions tonight, you have to address him providing this ad hoc family financial support and what will happen if there are future requests.

I'm glad he saw sense, OP. It's easy to get talked into things by "oh well you'll never to pay" type assurances but it's a horrid situation to be in if things go tits up and it's family involved.

I think universities will sometimes act as guarantors for students who can't get one any other way.

My first thought also. Hopefully it’s just a verbal agreement at this point.