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?

It’s seems you’re the one that doesn’t understand the role of guarantor, not them!

They absolutely do stand to lose £000’s potentially, how do they know what might happen in future? At which point they’re liable to pay your rent for you. No way would I take that risk, your initial post comes off rather entitled.

This.

You're approaching this like you're asking a friend to car share to an event - no big deal.

It's a HUGE deal. A massive risk for the Guarantor. Potentially life-altering and financially devastating for them if you did become ill/unemployed or whatever.

You're being a massive CF for asking. I'd be giving you a wide berth too (after I'd declined your request).

I wouldn’t do it for a friend. I’d be pretty pissed off if a friend put me in that situation and thought it was no big deal.

You sound very entitled op.

I think the OP has got the point now.

Thank you - I've only got 4 weeks left in this rental (for which I didn't need a guarantor) so it feels pretty panicky. I think the reaction on the thread is generally not good, so that indicates to me that most people will have been offended or worried. Good to find out now before I ask anyone else! I've apologised to a couple of people just said it was a complete error of judgement under a lot of stress!

I wouldn't dream of asking friends to do this. It's such an imposition. If something happened - say your bank account was scammed and frozen, or you had an accident and while recovering, accidentally defaulted on rent, they would be liable.

The way round it is to offer to pay 6 months or a year's rent up front. If you have house sale proceeds, then that should be easy for you and very acceptable to the landlord and agent, instead of giving them a guarantor.

Not a chance, OP. I’d be really annoyed with a friend if they even asked this and put me in an awkward position. It’s a HUGE financial responsibility to take on and is very risky. At 62 (or any age quite frankly) anything could happen to you to prevent you from being able to pay your bills.

Id apologise to your friends and explain you didn’t understand the extent of what’s involved. Very poor from you.

I have, but it's MN. They've smelt blood so this will still be going in the morning once I've got a guarantor!! I'm glad I know though, so that I can apologise properly to friends (although apparently that's not going to be acceptable either!)

This makes no sense. If it is a 6-month contract and you are offering to pay the full amount up front, they don't need a guarantor. Challenge them on it.

Op have you looked at air bnbs in your area for a 6 month rental. My friend split from her husband and got a lovely air bnb for 6 months while house sale went through.

I think you should look at different rental with different landlord and agent. Ridiculous you are paying all upfront and they atill want a guarantor. I paid upfront exactly because no way in hell would I ask people to guarantee and made it very clear to agent. And I waa in bit harder situation when it came to passing checks (not debt)

You’re putting them legally on the line to be liable to pay your rent, repeatedly to possibly the tune of thousands.. Who knows what circumstances could crop up. I wouldn’t agree to be a guarantor for a friend. It could destabilise the home life and actual home of anyone who volunteered for it. It’s a huge ask. I have had relatives do it for me when I was 19 and starting out and I never missed rent etc but it’s a hell of a thing to take on legally for someone else. I’m at the age now that my credit check is clear so no need for one. Does your credit check show you as not being reliable therefore needing to lean on a family member in this way?

I'd suggest people read all the OP's posts, we have a rare example of the lesser spotted OP in the wild taking on board feedback and realising it was a bad idea.

So let's stop having a go, and she can try to sort out the situation.

Oh lord, what a position to put a friend in. Awful.

I do sympathise with your situation OP. I had to ask my wealthy brother to be my guarantor on a rental in similar circumstances a few years back. Fortunately he agreed. I had thousands in the bank at the time after the sale of my former marital home and i offered to pay a year’s rent upfront but they STILL wanted a bloody guarantor! Very annoying. I’ve also been a guarantor for my DC at university halls of residence, However, I wouldn’t do it for a friend or other non-family member as frankly it’s too big a risk if they flake out.

It is weird that they need a guarantor if you are paying it all up front. Looking at it slightly differently, would you be willing to transfer a friend the equivalent of say a year's rent to cover the guarantee so that they have it available if needed?

If your friends are a similar age to you I’m surprised they can do it. When I was applying for a mortgage years ago, I was very young (early 20s) and the mortgage company would only lend the funds if I had a guarantor - but my parents would have been early 60s and they were told they were too old. Both were retired with plenty of assets / cash.

Sorry you're in this situation OP, seems mad when you offered the funds upfront. Could your DD do it? You did it for her after all!

Its so hard.

Because I love and trust my sister (as an example) but anything can happen. I couldnt afford to pay her rent if she defaulted (lets say she lost her job), so I would have to say no.

It doesnt mean that I dont trust her. But I could understand her thinking that I didnt. Same as you feel now.

The rental market is fucking shit. The fact that you can have a perfect credit score and still need this is just awful.

Could you find a cheaper property to buy that "will do" for the moment and then look at moving in a couple of years?

Sounds like your agent is being a right dick. If you are paying the entire 6 months upfront there is no reason for a guarantor. But agents are fucking dicks like that because renters have very few options. Wish you all good luck with it x

Ooh, thats not a bad idea. Although there are fees involved in getting a guarantor to pay, so that would need to be covered too.

ETA...having said that, the OP needs to be sure that the person would give her that money back....a risk for her.

Its a fucking minefield!

What do they need a guarantor for then?

My friends had a brand new baby.
They had no furniture.
They asked me to be guarantor on their loan.
I felt I couldn’t say no.
3 months later, I got a phone call at my office from the loan company telling me my friends hadn’t made a payment in 2 months.
So I collected the furniture I didn’t pick out and didn’t want and took over a loan I didn’t need.
Never again.
I was what smart people call a sucker.

I would do it for a friend. Even more so as you have the money
Perhaps tomorrow you need to offer some written guarantees to who ever you are asking.
I know it’s morbid but if you have a will get something added to secure payments should you die and you have rent owing. This could happen if it’s sudden.

I don't get this, either. If you're paying the full amount up front there's nothing for a guarantor to guarantee.
Def challenge this. Sounds like they got their red tape in a twist.