£75k salary, landlord wants parents as guarantors

[Sadleaver]

I'm 35, earn £75k a year in a stable industry, as a permanent member of staff. I've been renting for 12 years and have glowing past landlord references. Excellent credit score.

Just agreed a new tenancy on a flat after a stressful 6 week hunt. It's £1250pm. Passed all the reference checks. And the letting agent is now asking for my PARENTS to be guarantors! I have to provide evidence of their income and it has to be above a certain amount. I'm honestly done with this bullshit. This is insane right?

My brother and Sil had this because she was on maternity leave. They had over a year’s rent in cash and offered to pay it up front. “Oh no we’d rather have the guarantor”. I’d have told them to fuck themselves but apparently (and in a separate outrage) all other rental properties were absolute shit pits.

This is insane, you're right. You're 35!

We were considering renting recently and an estate agent who looked about 12 told us we'd have to write a spiel explaining why we'd be great tenants and sharing proof of our salaries, various references etc. I said no, won't be doing that. And we've decided to buy instead of rent next time we move as a result. The rental market sounds so stressful.

This is ridiculous. I wonder if they’re asking single men earning £75k for the same or a married couple earning £75k between them.

I think the REA are hiding behind 'LL wants this'. I very seriously doubt they do and it is something the agency has come up with.

My son is on £60K and I still had to be a guarantor.

It's nuts but seems a regular occurrence.

Tell them your parents are dead?

That's utterly batshit. I had a lot of shit from agents when I was renting but never anything that crazy.

Ludicrous

Housing in this country is just broken, it's fucking insane.

The landlord should have insurance for non-payment of rent. They're just being twats.

I think it’s the fact you’re a sole earner.

it is fucking bonkers. We had the same and got round it by proving we had enough savings to cover the year.

housing in this country is so fucked

Is your income a base salary with bonuses, commission, dividends, overtime or anti-social hours payments? Referencing companies will often only consider the base salary.

Smart move from LL it’s irrelevant how much you earn you could still be a twat and not pay or cause £1000’s of pounds of damage

guarantors give them a bit of leverage

How is your credit rating & do you have good references

I think your age/parents are irrelevant - basically, landlords are asking for guarantors from everyone and anyone (that way they have no risk - if you run off/don't pay they can turn against the guarantor). Why anyone would agree to be a guarantor for anyone other than their 21 year old kid is beyond me.

Why should they the people being twats are the ones not paying

Bullshit

OP is an ideal tenant with excellent references, there is no indication she would be irresponsible and the landlord has plenty of recourses if she is (deposit, eviction, landlord insurance)

Asking for guarantors on top of that is just being a dick

Most landlords will request a guarantor incase for some reason you are no longer able to afford your rent so they aren't left out of pocket. The difficulty is as rent prices continue to increase the number of people able to act as guarantor decreases and it becomes increasingly hard to find someone with the financial ability to afford your rent. I would say that your parents aren't in a position to act as guarantor but ask if they'd accept an increased deposit to cover them should you not make rent on the understanding that it be returned to you on leaving the properly and be held in a deposit protection scheme.

And that doesn't include the OP, who has never not paid rent. So why treat her like that? It's so mean-spirited.

If landlords can't handle the risks they should not be landlords.

The salary is the least weird bit! A 35 year old being asked for info on their parents? Nonsense.

It's normal for landlords to demand a guarantor these days. They want absolute surety for the rent including a backup should the tenant default.

Would they accept an income protection insurance policy? They aren’t that pricey and would solve the issue of the agents concern?

OP this is insane.
Id walk away as a landlord like that is going to be so over the top.

( Im a LL )

Is landlord foreign? That's the norm in some countries

If I was in your situation I’d find another place to rent. If the landlord/agents are this tetchy now, imagine what they’d be like in the future if any issues (or perceived issues) arise?Imagine them randomly contacting your parents over things as if you’re a child. I was on £38k a year and rented my place when I was 24, I wasn’t asked for a guarantor as proof of income was sufficient

Wow
nothing wrong with eliminating risk

Also this was less than 2 years ago.