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?

Not a chance would I do it for anyone-i simply cannot afford it

Sd once demanded that dp be hers and he agreed

Until I stepped in and said 'it's not happening' so he went crawling to his mum (her granny) and she agreed (sd couldn't possibly dirty her hands and ask granny herself)

All was good,until halfway through the uni term and sd defaulted,granny got lumbered with the rest of the rent but didn't tell anyone (she'd just lost her husband of 50 years and didn't need this stress)

We found out and went mental-sd may have been at uni but she worked and had spent all her wages at asos and boohoo instead of paying her rent

She thought it was amusing and has never even attempted to pay it back (granny has let it slide due to her being 'family')

It's not worth the risk-it cost my mil thousands of pounds

@DelboytrottersDnecklace my sons grandad did his for him as we would I think have failed their criteria ( we don’t own for a start - and although reasonably high earners have quite high rent ) it’s been 5 years now and not once has he needed to be called on - that’s so awful of your SD -what an awful thing to do

@DelboytrottersDnecklace my sons grandad did his for him as we would I think have failed their criteria ( we don’t own for a start - and although reasonably high earners have quite high rent ) it’s been 5 years now and not once has he needed to be called on - that’s so awful of your SD -what an awful thing to do

@DelboytrottersDnecklace my sons grandad did his for him as we would I think have failed their criteria ( we don’t own for a start - and although reasonably high earners have quite high rent ) it’s been 5 years now and not once has he needed to be called on - that’s so awful of your SD -what an awful thing to do

Not sure why the multiple posts- lol!!

I wouldn't have minded,but she knew she'd lumber someone with the bill and didn't care
We don't get on (she's a nasty and spoilt brat)
Her mother had refused when she demanded dp (her father) do it
It's only because of me he refused (caused a few rows)
If she'd said 'sorry granny,can we work out a repayment plan?' I would have understood that shit happens,she's young and needs to learn a few lessons in life
As it was,she just smirked and refused (mil is the nicest lady in the world and lives by 'family is everything')
Poor mil had just shelled out for her husbands funeral and then had this bill dumped on her
Sd had the nerve to demand the same thing from her a year later but dp and I put a stop to it-i wasn't seeing darling mil get trampled on again
Poor mil was racked with guilt over us stopping her doing it again

I doubt that's normal. The agreement provided by the industry body, the NRLA, doesn't allow for that.

What you are failing to grasp is that there is nothing obliging a tenant to leave at the end of the fixed term. They could decide to stay and not pay rent, and it could take a year or more for the landlord to regain possession.

Ooh this. That’s a different perspective!

I’m afraid I wouldn’t stand as guarantor for anyone except perhaps a child, and then I’d want some control.
Anything could happen and people have families and commitments of their own, which have to come first. I appreciate that you’re in a difficult situation and feel sorry for you but it’s also an unfair request of friends.

@KievLoverTwo absolutely - we are early 60s and have rented big and not cheap houses for last20 years in very nice areas- have good references, good income and no credit issues - if any agent asked me for a guarantor at our age I would just say ‘next’

To all those saying "only for my kids" - when you guarantee for your student offspring, you're very often also guaranteeing for their housemates who you may have never even met, if their own parents fail to cough up / lose their jobs whatever.

To all those saying "only for my kids" - when you guarantee for your student offspring, you're very often also guaranteeing for their housemates who you may have never even met, if their own parents fail to cough up / lose their jobs whatever.,
Another reason I'm grateful my kids didn't go to uni! Lol 😆

It depends if the student has signed up for a joint tenancy or an individual one. It would be extremely foolish for a parent to be the guarantor for their child who has a joint tenancy. Then again, in some parts of the U.K student accommodation is scarce so it’s not always a simple situation.

When DSS was at uni, the landlord wanted one guarantor for the whole house-share, god knows how that got resolved!

I've literally just drawn up a contract for a group of four sharers with one guarantor. To be fair they do all strike me as sensible and trustworthy, so probably not too much of a risk, but still.

The latest (and last!) guarantor process we have just done for student child was ridiculous. Not content with ID documents, income details, some sort of authority to view our bank statements to negate need for supplying payslips, they then wanted payslips anyway. Then a reference from employer. Then finally a copy of our house deeds.
Never again.

You don't get much choice to be honest. I looked up DDs housemates addresses and checked the house prices to be sure their parents would be worth suing though😂

No, I would not and I don't think it is good to put a friend in that position. Like everyone else, I would for my son or daughter but no-one else.

I can, and wouldn't.

Do you not understand the word guarantor?

No chance and you’re a cheeky bugger for even asking them!

I would only do it for a very close family member, and if I could afford to cover their rent.

You're clearly too lazy and thick to even read the thread properly. OP has taken on board the comments.

There are organisations that will happily become your guarantor for a fee. Google and use trust pilot and Google reviews to find the best one....good luck 🤞🏾

Buy or do shared ownership. I would never be a guarantor for anyone other than my child. I believe most people feel this way. You have also probably just ruined a few friendships.