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

I assume he hadn't sign it yet?

He was naive BUT in his defence he listened to you in the end.

It shows that he takes what you say on board and does listen to you.

It's not worth the argument. Just sat your glad he changed his mind and that it's better making joint choice in future.

Unless the poster knows something i don't know, you still have to guarantee your child's rent and damages even if you do have the insurance. The guarantor insurance just helps to make sure you only pay your "fair share" should the landlord decide to go just after you for the whole house rent arrears or damages rather than all the guarantors.

Had he actually signed? Is he able to pull out?

sparkellie · Today 14:38
Not read the full thread, but if you aren't married, don't own a house together and your finances are separate then it's really nothing to do with you.

But he lives with her. In her house. If this guarantee is called in, can he still pay his way, as well as his family's?
If not, that leaves OP with the option of chucking him out because he can't pay his way, or sucking up the expenses of the home. Unless he is wealthy enough to pay both, he has involved her.
Could you imagine your partner saying to you, 'Sorry, love can't pay my share, it's all gone on my brother'
He puts her in an awful position, as well as having to (or should) postpone any of their financial plans together.

Not read the full thread, but if you aren't married, don't own a house together and your finances are separate then it's really nothing to do with you.

Fair enough……can’t understand why everyone doesn’t do this then???
all these posters saying how they would take massive risks to ensure their D.C. had the best education……and they could just pay up 200 quid 🤷‍♀️

Kitkat1523
The price varies with the cost of cover you want. I paid about £200 which covered about £40k of rent/damage. (I just worked out total rent and added a bit)

about how much does it cost?

Just a quick note. Anyone signing as a guarantor for students, as long as all tenants are students, can get guarantor insurance. It provides peace of mind, especially if there are flatmates you don't know. It's not cheap but cheaper than a years rent.
It's not easy to be accepted as a guarantor. You have to qualify on income, credit score etc. It is a serious financial commitment. Not to be entered lightly.

Well on that we agree

Well yes that's why I said I'd do it in a heartbeat. Anyone who goes guarantor who doesn't have that is a fool.

you would pay it because you can afford it?……ie you have a good few thousand ? 10 to 20k ,going spare, which you can afford to lose and this will not impact negatively on any of your dependants or on yours or DPs future finances ….then go for it

Yes.

You'd pay your brother's rent indefinitely "in a hearbeat"? Because that's what you're agreeing to do.

No, she can't be made liable for a debt solely incurred by STB husband, but her financial security could certainly be affected if they were to have joint marital assets.

I don't think I would trust the fiance again, unless he is wealthy enough to cover the guarantee and his current expenditure.
He jumped in and did this, and would not wait for OP to get back and discuss it.
He could easily do the same again after marriage, which would certainly impact the OP.
I would be rethinking the marriage, and ensuring that he had no claim on OP's property.

Yes, she did.. probably for some of the reasons in my post.

Of course there’s a choice …..what if you are on benefits? Then you could not do this

It does sound like you need to have a big chat about finances before marriage. DP and I have done this, there are a few relatives who have not set themselves up financially for the future and have already made hints that they expect us to help (we are not well off! But because we're both employed and live in a city, they assume), and we have agreed 100% we can't support them - we need our savings for whatever life may throw at us, and hopefully to support any future DC. It wasn't the most pleasant topic to discuss but it needed discussion.

The specific guarantor situation depends a lot on the self-employment - is it a fairly secure thing or not? And have you discussed what would actually happen if they couldn't pay rent? There's a huge difference between them actually being confident they can afford it (maybe they've budgeted for one income only, have extra savings they could use or the self employment is a sure thing) but for some reason the landlord preferred a guarantor, and them having no safety net which means you are now that net.

Any reason they needed to upsize right at a time when they can't, on paper, afford to?

The alternative to needing a guarantor is to pay 6 months rent upfront. A lot of landlords will agree to that. Or go through a professional guarantor company. These options will cost you, but in all honesty, if you cannot afford those options then you cannot afford to be a guarantor.

If they go to uni you have no choice if they want to rent.

You cannot guarantor if you cannot afford to cover. Many people could not pay two lots of rent/mortgage, and do not have the savings to use in case of default.

If they go to uni you have no choice if they want to rent.

There is also a risk to not guaranteeing your child's rent if they are a student though. If they don't get accommodation they may have to give up their education and potentially future life chances. Obviously you didn't have to weigh up the risks if your children were never students but I'm just explaining why people do as you seem to perplexed and feel that everybody who does guarantee their student child's rent is either rich or naive. Neither is usually the case. Also you did pay 1000s of pounds when you gave your DC 10K so not that poor and unable to take a risk.

And that’s fine for you to do you…..I’m not a risk taker in any part of my life …..none of my children have been to uni…they got jobs, and then bought houses so I obviously haven’t been in that position…..but i could not ever see myself taking on a role as a guarantor……far to many ‘what ifs’ …regardless of how much I trust others …..I’m 59 now and retirement is very close…..I couldn’t risk signing a document that could leave me open to paying thousands of £££s