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?

YANBU under those circumstances I'd say no as well. If DC and their DP don't pay you'll be liable (assuming you are accepted as a guarantor obviously) and then you could also be either in debt or homeless.

You don't have to be a homeowner to be a guarantor.

You should let your DS know that unfortunately, you cannot afford to be a guarantor on your income.

On another note....I wouldn't support my DC living with a BF/GF in Uni either. The focus should be on studies, not playing house when they can't afford it.

If they split up and she moves out, it's all on you. What about her parents? Or are you joint guarantors?

He needs to not rent an extortionate studio in snazzy flats, and find a room in a shared house in an affordable area like most students who aren't minted have to. Agree it's not wise to share at that stage either.

The cheek of this student wanting to live in a snazzy studio even having the audacity to ask his parent to take all the risk of him splitting up with his gf/dropping out of studies/failing to pay his rent for whatever reason, is unbelievable.

Definitely don't do it OP. And have a word about a bit of respect whilst you're at it.

My DSC's needed guarantors when renting as students and yes, it does mean you have to pay the rent if they can't.
£600 a month isn't actually that expensive for London. My DSS rents and I think his room in a shared house is around£500.
My worry would be what if he split with his gf. It's not as if he could share a studio with anyone else.
Overall I would be concerned this is a bit risky.

My husband had to do this for 2 of my children, it was very stressful.

I think you can get around this now, some universities have schemes for this and I think you can buy indemnity insurance too. However, the studio is too expensive for a couple with no income. They need to look for something more reasonable.

Think they need to lower their expectations, sounds like the like the idea of a snazzy London flat, how can they afford £1200pm? Won’t leave much to enjoy London will it? They sound silly & naive, students don’t tend to look for the expensive, it’s about not spending.

Second year students are lucky to get a student flat in London. Many are just for first year students. His loan should cover the rent ok as it’s London. It’s not extortionate for London which is always expensive! Even university halls of residence in first year cost this.

So what did he do last year? Every parent might be asked to do this and it’s no more risky than if he shared with 3 or 5 other students. In fact it’s less risky. Only the girlfriend might default and you know who her parents are!!!

You have to do it. Like everyone else does. I’m afraid it’s just one aspect of having a student DC and this might save on expensive travel. If he can budget for £600 a month from his loan and other earnings or money from you, you should support him. Lots of slightly odd views on here and perhaps posters don’t understand the student loan system and the role of parents. Why would he default more then the standard student? He’s no more risky.

Many student flats in London are at least £8000 plus per student!!! Not £14,000 eternal two! London prices are very different from provincial cities.

£14000 for 2 students....

My daughter lives in London as a student and still does now. They can find something cheaper than this easily. They don't need a fancy new student flat, especially when they want to share as a couple and have a guarantor.

Quick look on RightMove and there are one bed flats for £900/1000pm, they seem to have a skewed idea of living in London and want the fancy flat, be a big shock if one leaves the flat or loses or job.

Definitely don't do it and don't feel guilty. Why can't the partner he's going to live with not ask their parents?

It is an unreasonable financial risk. Don’t do it.

If you can't afford it then there is no sense acting as guarantor. And there is no sense in thinking they won't default on their payments due to financial struggle or breakup. If everyone were to assume that all would be fine and dandy then there'd be no need for guarantors at all. Chances are they may struggle and you can do without demands for their rent costs.

I live in a lovely area of north London and our mortgage for a 2 bedroom flat is £1200. Our rent in our last renter place - also 2 bed - was the same. That is absolutely extortionate and I would guess is aimed at moneyed foreign students primarily. How is he expecting to be able to pay £600 per month? On a salary of 35k this still represnted a big part of my outgoings. Absolutely bonkers. Especially as it is for only half a room - if the broke up he would be absolutely screwed. Tell them to start looking at house shares in Plaistow pronto.

OMG this amount of rent for students is totally excessive!

Let them share digs like others do. (Including Prince Wills if memory serves me right...)

My DH and I shared a run-down flat, complete with 2-bar fires and electricity meters. We could only afford to have a bath once a week (pouring a kettle load of hot water into a plastic bucket the rest of the time, pouring it over with a jug...

Let them plough their own furrow!!

I had a quick look at guarantor companies. They're not cheap... looks like it would cost about a grand for the year. I suppose I could offer to contribute towards the cost of that?

That seems an ideal solution if they're determined to go for something they can't really afford ... and if they still can't afford perhaps half of that cost they'll just have to think again

Sharing a studio sounds like a terrible idea anyway. What if one likes to stay up late to finish essays, and the other get up early to do them?

I moved in with DP when I was 20. Had a baby at 23. Many people haven't left uni by that point. I'm not 'playing at being grown ups'.

I’m assuming you were paying your own rent and working . This couple are students , they can’t afford it without a guarantor. I’d be a guarantor for my son but not his girlfriend.

@BlueCornsihPixie

Also it's all very well for posters to laugh, but he's not asking OP to pay, only guarantor.

Most naive post on here.

And who is 'laughing?'

I would tell them to find somewhere much cheaper.

@usermane Why does your son and his girlfriend have to have a 'snazzy place in London?' They are STUDENTS FFS.

You're bonkers if you say yes to being a guarantor.

That’s a ridiculous amount of money for a studio flat. I get that they want to ‘play house’ with their own place while they finish studying, but that’s an unreasonable amount of money. You could rent a large family home for that here (SW England).
They need to find somewhere cheaper. Even if they could scrape it together every month, if you should have to pick up the slack every now and then you have to think of the impact on your finances, whether they can pay you back, if that would further send them into a hole, etc. etc.
I wouldn’t do it, even if I could.

They need to rent a room suitable for them as a couple, at a much lower cost.

I wouldn’t do it , purely based on the fact that it’s a studio so if they split up it will be a nightmare , why can’t they look for a house share it’s a way more sensible option . Sounds to me like they want to play house .