Tenant needs a guarantor advice

[SweetAsSpice]

Hello, if anyone could please help I would very much appreciate it.

We are in the process of renting our property, prospective tenants have had their references come back. One tenant is fine, the other we have been recommended to accept their application with the provision of a guarantor, due to bad debt. We will be finding the details of that today.

On that basis, is it wise to still rent the property out to them? Not done this before so not sure. Gut is telling me it may not be a wise idea.

Thank you!

We are landlords. We only rent through agents who offer the rent guarantee insurance scheme. Therefore if the rent isn't paid by the tenant it can be claimed back through the insurance. We've been knocked for thousands in the past, so wouldn't rent out a property without this.

Thank you for your reply. The insurance we have covers that. Will need to double check agents.

If the agents are happy then we are happy. They are the ones taking the risk.

Are they both working full time? What employment does the guarantor have? Are they a relative? What is their background? Are they a couple? All questions you need the answers to. I have a lovely tenant, been there 3 years, for the first 2 i had a guarantor as her salary was a little low and she was only 22. She has never missed a rent payment and is no trouble at all. Keeps the property nice which is a bonus. You need to use ykur judgement and weigh it up really.

Yes, I agree with you there. Previous landlord has written a glowing reference for them too.