Is this the right topic for rental queries?

[DishingOutDone]

I want to discuss rental - I need to find out about using a guarantor if your salary isn't 30 x the monthly rent - any experience or do I need to post on another topic?

You can ask here but it's quiet. Chat or AIBU might be better. People do use those for various questions.

What is it you want to know?

We used a guarantor in the past but not for about 10 years. Ours was DP (now DH)'s mum, as he was on a low wage.
She basically had to sign an agreement to pay the rent if he defaulted.

I wouldn't say this is a quiet board. How far off the 30x the rent are you?

The issue with finding a guarantor is that you are asking to be financially responsible for making sure your rent is paid. They may be wealthier than you or earn a higher salary, but if you default on your rent, can they afford to cover it and pay their own living costs?

Guarantors don't seem to get any kind of early warning there may be issues either - sometimes the renter can have racked up huge rent arrears before the guarantor is contacted.

I'm not saying that you won't be able to pay the rent, but that's the reality for someone agreeing to be a guarantor.

Thanks for replies - £5k+ short of multiplier - so the problem is not getting a guarantor, its that I am not even sure having one would help?

I don't understand your response tbh. No, the issue is that you are potentially asking a lot of someone. Is the monthly rent of the place you're interested in affordable to you or will it be a stretch?

It used to be that you'd just have to sign a piece of paper agreeing to pay up if you don't but more recently it's changed so the guarantor has to go through the same referencing process and you did. So they also need to fit the right criteria and retired Auntie Ethel might not do any more.

This might not be the same for every agent but it was certainly our experience.

@wowfudge it will be a stretch but I can do it. Sorry if I was not clear, trying to think how else to explain it - so I think I can afford £750 a month for a flat. But the "multiplier" - x 30 that most estate agents use - means I'd need to earn £21k+ - I only earn £16k.

So I am trying to find out, would having a guarantor then allow the landlord to not worry about the multiplier, or is that too much to ask of them.

But I do definitely have at least one guarantor and they are happy to act as such for me.

Does that more sense now?

On that salary the rent is more than half of your take home pay. You've got to find the money for council tax, utility bills, food and everything else. A guarantor guarantees the landlord gets the rent paid.

In all honesty I think you could find it difficult to manage.

Also if you are looking at a flat, who pays the service charge and does it have gas or is it electricity only? Electricity is not as cheap as gas by a long way so using electric heating in the winter can be very expensive. Find somewhere cheaper to rent.

No agent worth their salt will accept you through referencing. I’d be wary of an agent that would.
You’ll be taking home, what, £1100 ish PCM
£750 is a HUGE stretch

I rent privately and don't have a guarantor. I'm on a similar amount (16k) and I wouldn't be able to afford 750pcm. No way. Max of 700 and that would be quite painful. 650 or 675 would be more achievable and that is the band of rents I stick to.

I have to pay 6 months rent up front, every 6 months, in lieu of a guarantor. Is this something you could do, maybe a loan from family?

Paying rent in 6-month installments is an option if you can't secure a guarantor, but up to you if that's a viable option for you. You can also rent directly via a landlord through platforms like OpenRent - the landlord may be more lenient around the 30x multiplier rule.