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Original poster

Being a Guarantor for adult children

72 replies

Rimower · 25/04/2022 11:18

Hi,

My ds and his gf are moving in together. DS is going to be doing a masters, and his gf has a job which pays about £34k a year. The gf's parent's are retired, so can't really be a guarantor.

They are looking at flats for around £1,800 a month. They could offer 6 months up front. The problem is, the gf's job contract is a 12 month one, and she will only have 10 months of it left at the time they are looking to rent. After this, she will get another job (she is very sought after).

My question is. Can we be guarantors for their flat? Neither Dh nor I earn massive amounts (about 50k each). Last year, we had trouble with a snotty estate agent requiring guarantors to be from one income alone.

OP posts:
DockOTheBay · 27/04/2022 06:40

I still think £1400 per month sounds like a lot. If they're in London, then 34k really isn't a high wage especially if its only a temporary contract.

Could your son work while doing a masters? Live somewhere cheaper and commute in? Live in a house share for now while they save up.

Dexy007 · 27/04/2022 06:49

OP I’m not sure you’ll be allowed, guarantors need to show they earn at least 4 times (?) the annual rent, and they take into account you have your own living expenses. It’s harder to pass a guarantor credit check than a ‘normal’ one.

I’ve been through this with my own tenants.

I would in any event refuse to do this on principle - they’re living beyond their means and it’s cheeky of them to ask, imo.

They’ll need to rent a room in a flat share, which should be closer to 350pp per month.

cut your cloth accordingly and all that….they can rent a one bed and enjoy that together when they can afford it!

can they even afford £17800 per annum, from their post tax income (which is of course going to be less than £34000)???

A zone one travel card each is going to be close to £200pcm.

they have not thought this through.

NOTANUM · 27/04/2022 06:57

What zone are they looking in? If they go to zone 4+ they’ll get a 1 bedroom for £1000-£1200. I let one for the lower end of that near a tube which goes to a low paid worker: It’s not a glamorous new build block but is clean and the flat is very nice.

Stevenage689 · 27/04/2022 06:59

1400 is still far too much for that income. If they must live in London, they need to look at shared houses. Or could they move to a commuter town where rents are more reasonable?

RampantIvy · 27/04/2022 07:03

Neither Dh nor I earn massive amounts (about 50k each).

Oh, the irony.

toomuchlaundry · 27/04/2022 07:10

Why can’t they wait until your DS has a job, or they live in a house share?

Original poster
Rimower · 27/04/2022 07:15

On first thought, the idea of renting a room together in a shared flat sounds like a good idea. But when you look into it more, it becomes tricky. This is because of HMO licensing. You can't just have three couples renting a lovely mansion flat together, because HMO licensing would restrict it. Most HMOs from their search restrict occupancy to one person per bedroom, so as a couple it is difficult.

OP posts:
hattie43 · 27/04/2022 07:17

Nope I wouldn't do it . If gf leaves your son can't pay so you'd have to.
It will also inhibit any future borrowing you may wish to do .

DockOTheBay · 27/04/2022 07:18

If its one person per bedroom, couldn't they rent 2 bedrooms in a house share. They could use the second as an office/living space. And in many house shares the 2 bedrooms would share 1 bathroom, so it would be almost like a private flat - just sharing a kitchen. It would still be much cheaper than renting a 1 or 2 bed flat.

Original poster
Rimower · 27/04/2022 07:20

Two bedrooms in a shared flat would be the same price -or more- of a one bed flat.

OP posts:
User7493268965 · 27/04/2022 07:26

They need to look for somewhere cheaper and I wouldn't be a guarantor. DH was a guarantor when DS was at university but past then he lived in places that didn't need one. He still rents but always house shares as it is cheaper, they need to lower their expectations, a lot of couples have to have just one room in a house share as it is cheaper.

GlacindaTheTroll · 27/04/2022 07:27

ImAvingOops · 25/04/2022 13:10

I think few parents are aware of this and most think they are signing for their child only. And letting agents will deliberately let you believe that. But when it comes down to it, they will legally go after anyone they think they can get the money from

Its relatively common where one of my DC is at university as it's standard terms for one of the big providers.

it also seems to be the case that they will amend it to your DC's rent share only, but only if you bother to ask. I don't think many do (possibly because they don't realise the full implications?)

As long as they have enough guarantors covering enough of the rent to be profitable, they're happy and if some sign without limiting to their own offspring, they're even happier.

This is an option probably not available with many landlords, particularly smaller scale ones/

DockOTheBay · 27/04/2022 07:27

Is £900pm for a room in a shared house?
Where do they live currently?

AlexanderTheGreat · 27/04/2022 07:30

It’s a MN cliche to tell people they can’t afford to live in London and have they considered Croydon but in this case it might be good advice. On £32k gross they can’t afford £1.4 a month. They need to be looking much further out.

doadeer · 27/04/2022 07:32

They won't be able to afford this rent (have worked in London my whole life).

I know plenty of couples who shared a room in a flat share btw but accept this is perhaps not legal.

I don't really know how they will do this on one salary without living either really far out or in a complete dive. Sorry to be negative.

User7493268965 · 27/04/2022 07:34

When DS was in a university house share, rent was single liability but damage was joint liability, I think this is quite common.

Original poster
Rimower · 27/04/2022 07:37

I'm not sure where posters have seen that Ds does not have any income. He gets a scholarship of £20k tax free. So any cost calculations are £34k gross over 10 months plus around 20k net.

OP posts:
Scooby5kids · 27/04/2022 07:38

What will you do if they end up splitting up? If she decides to move, her being the main bread winner, you'd be be screwed having to pay out a lot of money. If it was your own son with the main job I'd maybe feel slightly less concerned

AlexanderTheGreat · 27/04/2022 07:41

Rimower · 27/04/2022 07:37

I'm not sure where posters have seen that Ds does not have any income. He gets a scholarship of £20k tax free. So any cost calculations are £34k gross over 10 months plus around 20k net.

The drip feed to end all drip feeds.

toomuchlaundry · 27/04/2022 07:48

Because you didn’t put anything about his income in your opening post

doadeer · 27/04/2022 07:50

Haha because you didn't say that, you said he was a student!

They will manage 1400 then but it will be a stretch though when you're young and in love in London there's plenty cheap stuff to do!

FinallyHere · 27/04/2022 07:52

To be able to afford acting as guarantor , you really need to be able to set aside in cash the total liability you are signing up for.

And be able to afford to have it used up.

If you can't do that then absolutely, do not sign up.

DockOTheBay · 27/04/2022 08:08

Rimower · 27/04/2022 07:37

I'm not sure where posters have seen that Ds does not have any income. He gets a scholarship of £20k tax free. So any cost calculations are £34k gross over 10 months plus around 20k net.

Probably because you didn't mention it 🙄

AMBE123 · 27/04/2022 08:16

Check the risk as you are guarantoring the partners share as well as your son's.

Also I couldn't help noticing ....you say you earn £50k each so are not well off...????

orangeisthenewpuce · 27/04/2022 08:17

You could do it but I wouldn't. If they can't get a flat without a guarantor then they probably need to wait until they are in a better position financially before living together

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