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?

The fact you think k this is no big deal says it all.
I would not act as guarantor for anyone other than my dcs.

Well at 62 you are a hell of a risk even if you do have the money in the bank. You’re more likely to be unemployed for a start. Not a chance … look after family first.

Sorry, not a chance. What if god forbid you became ill and lost your job?

It’s just not worth the risk. I would only ever do it for my dc.

So what would you have done if your friends had been unable or unwilling to pay their rent. Many people can't afford to pay someone else's rent as well as their own bills and having the guarantor called in has literally ruined people's credit ratings and lives.

I know people who didn't speak to each other for over 20 years because one left the other to pay their rent when they couldn't pay.

If you have money in the bank and want someone to be a guarantor, you need to lodge the amount of money with them that the rental contract will cost them if you default for them to return to you when the guarantor lapses.

If you can't or won't do that. you're being very unreasonable to expect them to sign up to pay that amount of money if you can't/won't even if you don't foresee defaulting on the rent. A lot can change in a short period of time.

I don’t understand either. If you are paying the full amount up front, then there is no risk to guarantee. I’d wonder if there is a clear case of discrimination here by placing a completely invalid hurdle in your way?? What more can they ask than the full amount?! Do you have any lawyer friends op?

wouldn't it be best for someone to fully understand something before assuming other people are being unreasonable though

sure not every understand everything so not knowing the full details of this is one thing and understandable but to the take the next step and then think other people are unreasonable is unfair, and no I do not not the legalities but I heard it was illegal to offer 6 months rent upfront or whatever bulk length of time, but I am happy to be corrected on that

We are guarantors for our daughter. We wouldn't do it for anyone else.

Requiring a guarantor when you are paying the full amount upfront is ludicrous, as is you needing a guarantor when you have already been accepted as a guarantor elsewhere.

I wonder if they would accept a guarantor agreement capped at £0.00 😂 since you are paying the full amount plus presumably a deposit. Hopefully it is a case of computer says no and you can get past it when you get to someone senior enough to use their common sense.

They did the same with me. Tbh I’ve had letters off the bailiffs multiple times regarding the previous tenant so I presume he didn’t pay the rent either.

I think most landlords want a long term tenant. I know of one case where the tenant paid the 6 months upfront then never paid again. It was a nightmare getting him evicted.

It really is shit but I see why landlords do it. I would literally be screwed if I didn’t have my df as a guarantor so I do really feel for OP.

It's ridiculous that they'll is asking a 62 yo for a guarantor. Who the hell do they think is going to do that? I can understand asking for a guarantor if the tenants are youngsters as they're less likely to have financial stability, responsibility and extensive credit history of someone who's older, and much more likely to have parents who'd be willing to act as guarantor.

Being guarantor on a tenancy is taking on a significant risk, I wouldn't do it for anyone, except maybe my own DC. I'd be inclined to go back to the agent/ll and ask them who they think might want to act as guarantor for someone your age.

I would never do it, not even for family. You spend all your money, lose your job and then can’t pay your rent they come after the guarantor

You don’t know what’s going to happen in the future, they are protecting themselves.

I sue guarantors as part of my job. Zero chance I'd do it for anyone except my children.

I would do it for a good friend who was in your particular circumstances, but I would ask for say 3 months worth of rent to go into a holding account, which would be returned to you at the end of the six month contract, providing you hadn’t defaulted of course.

You had a number of mistakes in your OP. Being a guarantor WILL affect their credit rating if you default and they have to pay, especially if they run into difficulty themselves. It WILL be taken into account as a potential liability to assess whether they can afford a mortgage. It WILL stretch them financially as they will have to leave headroom for you defaulting in their spending calculations. Glad you’ve got the message. Guarantor for one’s own kids is pretty much the limit.

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

Landlord: This is a 6 month contract, you'll need a guarantor.

Tenant: Oh cool, but I can pay you 6 months upfront.

Landlord: We'll still need a guarantor.

Tenant: 👀

This is why women are fucked & forced to stay in unhappy relationships.

I'm sorry OP, what a shit sandwich... been there, done that, taken a big bite.

Is there anything you can do? An employer? Can you stay somewhere until you can buy?

Wishing you all the best.

I wouldn't do it for anyone, especially not so.eone as angry and entitled as you!

Very confused.
How would people know what?

I have been asked to be a guarantor before. I said no. I can't pay someone else's rent. They might default for any number of reasons including illness, loss of job etc. You say you're "60 bloody 2"
but it seems like you don't understand quite a simple financial thing.

I'm glad to see this thread has changed your mind.

It will automatically become periodic at the end of the fixed term. If the OP doesn't then continue to pay or leave the landlord will need to spend months and ££££ getting a court order to get her out.

I have done it for my kids but wouldn't do it for a DC's flatmate!

Just rtwt so edited.

It isn't illegal yet, but will be once the Renters Rights Bill comes in later this year.

Why not just go to the landlord with a cheque for the six months' rent in hand?

OP it literally means if for any reason you fail.to pay, the guarantor will pay your rent every month for the life of the contract. I would only do it for one of my DC.

Yes to this.

But if the contract is up, it's up. How would a guarantor help, unless they are actually signing to say if the tenant doesn't leave, then they'll pay for the entirety of the tenant's stay. If that is the case, then they'd be bat shit to sign. I took the comment for what it said, a 6 month tenancy.