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?

Absolutely no way would I do this. Far too risky.

We did have to be guarantors for my eldest DD when she was at university and couldn't otherwise get student accommodation. We were glad when the arrangement came to an end (final year graduation, so all were moving on). We will never do it again for anyone at all.

You have climbed down from your original position but I hope you didn't berate your friends for this and really can now understand what a shit deal the guarantor actually is.

Your claim that it is no big deal, if you indeed uttered those words to any of them, is just far too casual and flippant. It's a very big deal indeed that at its worst could spell financial ruin for some if for any reason the rent could no longer be paid.

Sorry OP yes, not a chance I'd do this for anyone.
I'm a landlord too. I accepted one tenant based on a guarantor and when it came to it, she didn't pay and he was AWOL.
It's too risky to be someone's guarantor IME.

I hope you get where you need to be.
I would be looking at buying as you clearly have the means, but I'm not you

I wouldn't do it for anyone unless I could easily afford to take on their liabilities.

I certainly wouldn't do it for someone so blasé about what it involves. Your financial position obviously isn't that strong (or you wouldn't need a guarantor). There are numerous reasons you might not be able to pay rent jn the future.

Just caught up. I've been trending all night. So a lot of the thread is helpful, some really enjoying a healthy dose of schadenfreude, and some really kind posts thank you. The truth is out there, or in here, somewhere.

I've now heard from all 4 - 2 said no early on, 1 said of course because I've known you 50 years, and final one said they didn't think they could do it. I apologised to all of them for asking, said I'd made a clear error of judgement obviously. Everyone has been very gracious. In the OP I was exasperated, not angry. I'm very very scared of the situation I have found myself in, having tried for years to leave the marriage. I've been on a thread on MN recently about regrets, what to do when you make a major life mistake, and of course everyone saying don't beat yourself up, try to put it right if you can etc (unless a poster on a property/DIY thread says you can never put it right and must be castigated for eternity).

This morning I asked ex-H, he was eager to agree as this once again puts him in a position of power over me. The friend who agreed I am going to keep her kind offer on the back burner just in case. Shout out to those who pointed out that women trying to leave relationships are at a disadvantage with shit like this. A few people IRL have said that if I am struggling I should go back to him and judging from the vitriol on this thread I suspect a few on here would have said that too if they thought they'd get away with it!

Just to clear up a few questions, I have an excellent credit rating, always have had. Because of new legislation due to come in (no one can be sure) later this year, many landlords are asking for 12 months up front for everything and anything in the hope that even though the new legislation gives you the right to give notice on a contract, you will be too scared to do so. I am hoping to find another house soon hence I didn't want to be tied for another year - 6 months then rolling should do it. It doesn't matter what is legal or not, the agency/landlord can dictate their own terms - renting in this country is precarious, I am in a privileged position to have some money and a job but ultimately this flat is available to me now and if I don't take it, I'm already being refused viewings on most places as I have a dog so waiting won't help and its just going into holiday season so AirBnB's costing a month's rent per week/fortnight.

The sale I backed out of was shared ownership and many people, including on here, told me it was a huge financial risk. Then when I backed out people started saying "ooo I wouldn't have done that 1973, that was silly" and so on.

I've been on MN since year 1, so am used to pile ons, but I definitely think some helpful stuff in this thread. I did approach MNHQ a while back asking for a specific renters' topic rather than it all go into Property/DIY because things are not good out here and problems like mine are trivial compared to many people in awful situations with private and housing association properties.

I might do it if a section 21 (?) for the end of the 6 month contract could be issued at the start of the contract so there was no chance of it rolling on and ever on. Not sure if that’s possible?

I can remember my father point blank refusing to be guarantor for me in my twenties and I thought he was highly unreasonable. Now I’m a couple of decades older I fully understand his viewpoint and would feel exactly the same if my kids came and asked (although I would at least talk it through thoroughly and weigh it up carefully). Hope you retain your friendships and your ex doesn’t cause you more drabs over it 💐

A 6 months tenancy will automatically roll into a periodic one unless the tenant chooses to end it then.
The landlord cannot end the tenancy without a court order.
The guarantor is needed in case the tenant doesn’t move and stops paying rent.
OP may well be able to find another property without these terms.

Op, I've literally just gone through the process (similarly looking to buy). They tried the upfront rent AND guarantor, I said no guarantor if I pay upfront and they toned it down. You need to push back on them a bit. And I was by far not the perfect candidate. Another agent agreed to the same. I don't have a pet bit the headache around my checks was probably more than accepting tennat with a dog tbh.

If you work, have a uk address, reference (which by the way can be former mortgage provider that you paid on time) and so on, you should not need to pay upfront or need guarantor. And if, then one or the other. Push back

I can see why you are a bit miffed but I’m afraid I absolutely wouldn’t do it either. Life happens with its many twists and turns, it’s a risk, I know precisely what’s involved and the obligations involved. Don’t take it personally it’s not that they think YOU are uncertain, it’s life happening to you that is. Life is really expensive even to those on good salaries, imagine god forbid you suddenly had a massive stroke and were in hospital for months or you were scammed or hacked.
Any risk taking would be entirely limited to kids for me. Sorry

@IWillAlwaysBeinaClubWithYouin1973 Sorry if this has already been mentioned as not read the full thread yet (I will do). Have you considered using a rent guarantor company? My adult daughter used one of these companies when a relative pulled out last minute after agreeing prior to be her guarantor - sadly couldn't do it for her at the time. You pay a fee for it but it might be easier than get someone to commit to being guarantor. Was a few years back now that my daughter did this but i think her fee was around £300. Also you may not need to do it again if you move as from what i see with my children and their friends experiences that landlords are often not asking those with a rental history only the first time renters.

I wouldn't dream of asking anyone this. I'm embarrassed on your behalf.

I'm embarrassed on your behalf that you haven't read the OP's updates.

I have, thanks.

It doesn't make up for asking in the first place.

I would never even consider doing this for a friend. Good on your friends for having good boundaries.

if you have enough money you can pay a year in advance if you’re having problems guaranteeing the rent. This was accepted when I did it. Good luck but don’t blame your friends

Since OP has apologised to her friends, I think it does.

But you collapse your waveform any way you like, hun.

It's not all that normal for letting agents to demand a guarantor - usually means your credit rating is shot and they don't think they'll get their money. I wouldn't do it for anyone apart from my kids and if someone asked me I'd think they were bang out of order... and I wouldn't even ask my mum unless I was back against the wall in trouble.

I didn't even know that these existed for tenants to access. Essentially OP would be buying insurance for the rest of her rent, right? Sounds like the perfect solution.

It does impact ability to get a mortgage, and if you ended up unable to work they could end up having to pay, unless you have enough money to live until 95 paying rent and costs from savings?
It's not easy to just stop being a guarenteur, they could end up liable for your rent in 10 years time.

Apologies- just read your update. It’s a really tricky situation. I don’t pass any credit checks and I’ve had to pay up front. But I hear this soon won’t be allowed under the new landlord policy so I’m not sure where that leaves people. I hope you find a good solution

I would NEVER do it for a friend. Why the fuck would I risk my income that I need for food, bills and to keep the roof I need for my kids just 'trusting' that you are going to pay rent when you could just not.

Almost everyone has been through that thing of lending money then getting a sob story about how hard life is and they cannot afford to pay, imagine that on contract.

For my kids I would (totally different) but other people, absoloutly no way.

'If a friend asks to borrow money and you say 'no' then you lose a friend but if a friend asks to borrow money and you say 'yes' you lose the money and a friend'.

'never loan money you cannot afford unless you can view it as a gift'... no one is gifting 6, 12, 18, 24 months rent to someone.

Shout out to those who pointed out that women trying to leave relationships are at a disadvantage with shit like this. A few people IRL have said that if I am struggling I should go back to him and judging from the vitriol on this thread I suspect a few on here would have said that too if they thought they'd get away with it!

If you’ve been on MN since year 1 you should know MNers would never tell an OP to go back to an abusive relationship / partner.

Yes, women are disadvantaged when leaving an abusive relationship, but that doesn’t mean other women need to solve this problem by taking on huge financial risk to themselves for friends.

Even with family members I love, I would invite them to temporarily move in with me but I wouldn’t jeopardise my own mortgage and home to be a guarantor for someone else.

I have a perfect credit rating and have paid rent on time every month for 17 years. I don't work constantly due to being disabled so have always needed a guarantor except in the one 'illegal' rental I had.

Its a standard thing, I have never known anyone not need a guarantor for a 'proper' rental.

Unless it only states they're liable for the 6 months then the guarantor will continue to be liable for the rolling contract, as well as any damage caused to the property or costs incurred by the tenant not following the contract.
In this case of wanting 6 months upfront it would almost certainly be a full guarantor otherwise there would be no need for them (given the first 6 months contact is already paid for)

I don’t think that’s the norm ime, we didn’t need a guarantor when renting from an agency.

I would have thought being a guarantor for family was more risky. All they have to say is "we're family" when they stop paying or get into difficulties.