Guarantor for a rental property

[daftoldbat]

Is there any way to indemnify yourself against guarantor liability? I've previously been in a position where the tenant defaulted and I was liable until the end of the contract.

I've been asked to be guarantor by a different person and am wary of potential liability.

This is possibly an AIBU, but things can get a bit scary on that particular board.

Don't do it. I would only do it for my children, nobody else

I was asked just after I brought my new home. All I can say is would you like to be responsible for someone else's debt if not dont do it for anyone. If the person is angry they have not respect.

no there is no way to indemnify. the whole point of needing a guarantor is that every reasonable measure of risk says that letting a property to this person is highly risky because the chances are they would stop paying rent sooner or later. requiring a guarantor passes that risk to someone who loves the renter enough that they would always bail them out no matter what.

don't be a guarantor for anyone except a child of your own body.

If you could indemnify yourself there would be no point in you being the guarantor.

As has been said, don't be a guarantor for anyone - personally I would think long and hard before even doing it for my child.

The whole point is "whatever happen, someone will pay". There is way for you to avoid it. It is not only the rental, but the damages (wild parties?) , trashing the house and so on.

It is a legally binging documents. And if you don't have the liquidity, in extreme cases, you might have to sell your house.

Thanks all. I appreciate your thoughts.