AIBU not to be guarantor for DC?

[usermane]

DC is in first year at Uni, and currently trying to secure accommodation for next year.
He's found a studio flat and is planning to share it with his DP (also a student).
The rent is ~£14k a year(!) They can probably just about manage that between them, but neither one could afford that alone.
He's asked me to be a guarantor, but I am VERY uncomfortable with this. I can barely afford my own rent as it is... and I really don't want to risk getting into that kind of debt should things go wrong (i.e. they split up, one or both drop out, they piss all their rent money away etc.).
I feel horrible about it, but would I be unreasonable to tell him no?

Generally guarantors need to be homeowners. If you rent you won't be able to anyway

Definitely not unreasonable, in these circumstances unfortunately you always have to think of the worst happening so don’t do it unless you can comfortably afford it.

I can't imagine they would accept you as a guarantor if you don't have assets or a lot of savings. Surely the whole point is to guarantee that it can be paid? If you can't pay, then why would they accept you as a guarantor?

Students will really struggle to get housing if they don’t have a guarantor but if you can’t afford it there are companies that offer a guarantor service

If you can't afford it in the worst case scenario, don't do it. Remembering missed payments will likely incur fees and charges too.
I used to work in enforcement and occasionally had to visit guarantors when it all went wrong. The number of people who were shocked that they were now personally liable or simply couldn't afford to pay back always surprised me.

I never had to act as guarantor whilst my daughter was in university

If you can’t afford thats tough.

I wouldn't be a guarantor in these circumstances.

You know whether or not you can trust your DC to pay the rent but you can never know whether his relationship will survive the year and he can't afford to pay for it if it doesn't.

I don't know anyone at Uni who lived outside of shared accommodation (even those in couples) due to the cost so I think he needs to reign in his expectations and suck it up and be in a shared house like everyone else.

Is he 'normal' uni age (19)?

If so then honestly it would be better not to share with his DP and both have their own room in shared houses. Relationships at that age can often break down and if it does it will be much easier to do so if they're living separately.

What's the rush to live together if they're still so young?

@usermane If you couldn't comfortably afford to pay the unpaid rent (which could run into 5 five figures by the sound of it,) then say no.

Don't do it. As @WhenDoesTheWashingEnd said, YOU will be liable 100% if your son and his girlfriend don't cough up.

Is it just the 2 of them? Why is the rent £14,000 for the year? What are they living in, and where, for it to be so costly? Nearly £1200 a MONTH is a HIGH rent, for a place for just 2 people, especially students!

I was going to do this for my daughter’s final year of uni. We had agreed certain conditions beforehand (setting up direct debit and such). She didn’t follow through so I pulled out. I don’t feel bad about it now, but did at the time.

No you’re not in a position to be guarantor.

They can find another, more suitably priced accommodation that doesn’t require a guarantor.

You are in no position to be accepted as a guarantor.

Tell the to do some reading about what is required and theytmay thgen have to choose another option.

But don't feel bad, you just aren't in a position to do it.

Good grief, absolutely not! No way, even if you were in a position to be a guarantor!

Weird that people are saying you wouldn't be accepted if you're not a homeowner.

My DF was guarantor for my 2 sisters renting different homes at the same time.

He's not a homeowner and doesn't have savings.

But I definitely wouldn't do it OP. You'd be liable and you can't afford to pay their debt if he run any up. Don't put yourself in an impossible position.

If you can you if you can’t you can’t .... where will they live if you say no ?

So his share of the rent is £600/mo? Do you have to guarantee the whole amount or just his share? How is he proposing to cover it in the first place? Will he be working alongside his studies or will he have loans? Does this include bills etc or is that separate?

£1200 for a studio is excessive. Having a studio when you're student is excessive. I lived with 5 others in my uni days & the rent was proportionately cheaper because of it (granted, it was a long time ago, but I think it was about £150/mo, which my parents did guarantee. They were only liable for my share though, not the rent for the whole house) I don't think they would've/could've done it for an expensive studio though, and you are not being unreasonable to have concerns.

Living in a houseshare teaches you to get on with people, and is part of the uni experience imo. Depending on what job he gets after uni he might not be able to afford a studio once he leaves (many people houseshare throughout their 20s and beyond and it'll be more of a shock to the system if he has to do it for the first time later in life. I lived in big cities in my 20s and was in my 30s before I could afford to live alone - do you want to be guaranteeing him for the next decade?)

I would say no, but if you are able to be a guarantor for a lower amount, perhaps say you will do it if he finds a cheaper houseshare. As it stands, he is expecting too much.

Im a firm believer that you shouldnt lend money or guarantee a loan of money unless you can afford to loose said money. Its a nice gesture if you can afford it but you should not feel bad if you cant.

I think it's unlikely you'd be accepted a guarantor. Even if you were, I would still refuse if you were. Your son and his partner need to be finding someplace cheaper to live. A house share would be ideal as the rent and bills etc will be much lower.

Where are they planning to rent that it is that much? Round here (SE, so not cheap), you can get a 2 bed flat for under £1k a month, even some small 2 bed houses are similar cost.

They need to look at a shared room in a flat share before jumping to a cosy studio coupled up love nest.

No, bad idea. They ought to be looking at shared accommodation like every other second year student. If they split up someone will have to take the whole rent on. Two people in a studio sounds like a really bad idea. Very cramped.

£1200pm?? I’m sure they could find a cheaper flat, that’s madness for 2 students, how are they finding that?

Say no. They can stay in halls.

GiveHerHell I found it impossible to get a guarantor accepted when I tried to rent One friend had around a million in the bank but didn't own a property...they turned him down!

@BillHadersNewWife how bizarre! Maybe it depends on the amount of rent and terms for ending the contract

I'm a letting agent and we wouldn't accept a student tenant without a suitable guarantor. If you aren't happy acting as guarantor, tell your son to look into companies such as Your Guarantor or Housing Hand. For a fee, they will act as his guarantor.