Can't believe no friends will act as guarantors - why do they think they have to pay?

[IWillAlwaysBeinaClubWithYouin1973]

I mean do they literally think I am going to refuse to pay my rent?

Split from H last year, my home of over 30 was sold I have the equity in the bank still because I've just pulled out of a house purchase and decided to continue renting. Found a new flat within days now I am actually scared I'm not going to get it, nor anything else to rent, unless I have a guarantor. New letting agents/landlord not accepting equity, they want a guarantor as well as 6 months in advance.

I've just stood guarantor for my youngest DD and her uni flatmate, didn't think twice. I know what's involved, I would have thought it's obvious you assume the person will pay their rent - surely you just use your judgement? But had some awkward conversations with friends - we're all professional people, but they actually they think its going to affect their credit rating, ability to get a mortgage and that it will "stretch them financially"? I work, have the equity from the house in the bank, I'm 60 bloody 2! How much of a flight risk do I appear to these friends?! So far 2 said no, 2 ghosting me, I need to provide info to the agent first thing in the morning. Going to move on further down my list but it's getting more and more tenuous. I feel a bit sick to be honest.

Do you know what a guarantor is/does or would you too think you stood a reasonable chance of losing £000s, or even that I was actually asking for money in some way? Is it something that people just don't feel comfortable to do?

I would never do it as you just don't know what will happen, and it is for the lifetime of the contract.

They do say a guarantor is a fool with a pen.

As being a guarentor commits you to pay the rent yourself if the tenant can't then no, I absolutely would not do it for a friend.

I wouldn’t for anyone except my children.

Well I would not do it for a friend either. I'd see it as risky and wonder why the landlord was asking for a guarantor.

If you have a lot of money in the bank why don't you offer the full year's rent in advance?

I’m afraid I wouldn’t do it either. Are there companies you can contact?

No, I absolutely wouldn’t. Too much of a risk if things go wrong and if you’ve pulled out of a house purchase last minute i’d be even more worried you weren’t sure what you wanted.

If you get sick, lose your job, whatever they will have to pay

im sorry but I’d only do this for someone where I’d be prepared to pay their rent anyway.

It is a big ask of someone else and they may not have the financial resources to be able to realistically guarantee

Just because you “didn’t think twice” doesn’t mean thinking about this is somehow wrong

I wouldn't do it for anyone.

Sorry, OP, it’s harsh. I am guarantor for my student nieces and my DD. Close family. I wouldn’t for a friend.

I wouldn't do it for anyone except my children. It's too big a risk.

Too big a risk. I wouldn’t do it for a friend.

Can you pay a year in advance to avoid the need for a guarantor or get a guarantor company?

Wow, you are being massively unreasonable here. You did it for your daughter, yes obviously…she’s your DAUGHTER!! I’m sure your friends would do that for their kids too. This is not something you ask your friends to do. Just buy a property with your equity if finding a rental is proving difficult, you’re risking your friendships here. There’s no way I would do this for anyone other than my kids. It is a huge financial commitment as they have to be able to cover the rent for the entire lease should you not pay. Can’t you give the full payments upfront if you have the equity sitting there and therefore why would you need a guarantor if you’ve already paid?

It's not nice to put your friends in the position of having to say no. I can see why a couple ghosted rather than reply. It's very awkward for them.

I would not be a guarantor for anyone but my child. For her, I would be willing to step in and pay the remainder of her contract.

That is the definition of a guarantor. In the unlikely event the person defaults, the guarantor will pay the full amount.

It might not even be the fault of the tenant. They could be injured or get sick.

Most people know exactly what is being asked of them and know exactly why it is too risky to sign.

A guarantor is literally committing to pay, though!

I'm gobsmacked you think this is no big deal.

That’s what one family member did. Paid six months in advance and when the time is up will be paying a full year as they like the place and want to stay.

Can you look at long-term AirBnBs for a while, OP, while you look at buying somewhere?

You're being unreasonable expecting someone to be your guarantor when you may well decide to stop paying rent. It would mean they would have to pay it instead - why would anyone take that risk?

You would be better to buy a dwelling if you can. it’s frustrating when sales fall through, but you have to persevere.

No chance on this planet would I do this why on earth do you think this is expected?!?

YAB very U. People do not generally act as guarantors for friends. You can ask, (although asking can cause awkwardness in itself) but you’ve no right to be upset, offended or angry if they say no.

It’s not their problem to solve either.

I would not act as guarantor either. Too many risks. But frankly, none of my friends would ask me!

This.

62 but apparently clueless.

Your friends will be shocked that you asked them.

I'm sort of glad I asked because now I can see I was unrealistic. I've got one family member I can ask in the morning and then after that its Ex-h or nothing.

Just for people saying offer a year in advance, it's a 6 month rental and I've already agreed to 6 months upfront.