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?

God those terms seems crazy. I can't believe what people expect of renters. Would it not be easier to just get a new mortgage?

@IWillAlwaysBeinaClubWithYouin1973

this is so shit. Sounds awful. I had no idea people were asking for the full amount upfront as well as a guarantor! Not a situation you expect to find yourself in and it must feel shit having to ask people to do this.

If I’m honest I would do this for a very close friend but I’m not sure my husband would. He’s very stressy about financial stability etc. I wouldn’t take it personally from your friends - some of them may already be guarantors for their children or any savings they do have may be for their kids and even though you do clearly have the money now the question you’re asking them is can you pay for the rest of my lease in the unlikely case that I have to default payments.

Do you have a good sick pay or income protection in case or sickness? Maybe if you explained this to friends this might soften the blow - then maybe something in writing to say if you lost your job you’d use your savings to pay the rent.
Good luck x

It's a huge ask for a friend, even an adult family member.

Of course they don't expect that you'll vanish in the middle of the night or stop paying rent and claim squatter's rights...but if something happens, they're on the hook.

It's unlikely in your circumstances, but you could find yourself in serious financial trouble and unable to pay. There are all manner of nightmare stories on here of people ending up in messy legal disputes with landlords and the guarantors getting shafted.

Then there's the evergreen awkwardness of mixing money and friendship - Some people avoid that on principle.

Your best option, if you're intent on pushing this and have the cash available, is to offer to transfer a friend the six months' rent in full. Once you're out of the tenancy, they can give it back (maybe minus a small 'thank you fee'?).

There are companies that act as guarantors for students who don't have anyone capable... obviously they charge and I'm not sure if they offer the service to regular folk, but maybe worth a look?

To all those saying they would be a guarantor for a friend, here’s a post from last month about something similar.

Absolutely no way 🫣🫣😵‍💫

My dad did it for me when I left my exH, and I’d only ever do it for one of my DCs.

I've just stood guarantor for my youngest DD and her uni flatmate, didn't think twice.

You really should have thought twice about doing this for her flatmate. No way would I have done this. Crazy.

I wouldn’t do it for anyone except my own children. It’s just too much of a risk if you ended up owing money and your guarantor had to pay.

I was in a similar situation to you twenty years ago, I was fortunate that my parents were guarantors for me. I would only have asked my parents, sister or exh.

I think it’s ok to apologise profusely to friends, real friends will understand you are under enormous pressure, and will support you - not financially but in other ways.

I know absolutely NOTHING about finance, and even I know being a guarantor is a terrible idea!

Thinking more about this for anyone does not know that a guarantor may be made to pay rent if the person they are being guarantor for does not? What do you think you were doing by being one and aren't you worried you sign things without reading them fully and understanding what the whole point of it is in the first place?

do people just sign things because they are in front of them?

It sounds like you have sone capital, so offer to pay 6m rent up front. This should remove the need for a guarantor. Remember to put the rent money back into your savings monthly to refill what you've borrowed.

I would not guarantor for anyone btw. YABU to expect a friend to do that.

All of those reasons you just listed

• 62
• professional working person
• money in the bank
• been a guarantor yourself

You list them as reasons you think your friends are completely unreasonable to not want to be your guarantor's but seriously THESE ARE REASONS YOU SHOULDNT NEED A GUARANTOR!!! Your friends have nothing to feel bad for a certainly havn’t done anything wrong, read that list again and ask yourself WTAF the landlord/letting agent are playing at! You are the type of person who acts as guarantor for their teenage kids not the type who needs a guarantor themselves. it’s embarrassing.

I feel a bit bad for your friends though and suspect your friendships will be forever impacted from you having awkwardly requested this of them x

Agreed with most of this until the last paragraph.

not very good friendships if they’re impacted FOREVER by asking a friend asking a favour that they then politely decline 🤣 slightly dramatic

Just for people saying offer a year in advance, it's a 6 month rental and I've already agreed to 6 months upfront.
Then I think the letting agent doesn’t know what he is talking about because if all the rent for the term of the tenancy is paid upfront, there is nothing to guarantee. He’s doing both you and the landlord a disservice. Is there anyone senior at the agency you can talk to.

Adding to the chorus of “I only do it for my kids”. Or my parents, but can’t see them ever needing me to.

Friends? Nope.

Depending on the terms, the guarantee could go further than payment of rent and ask the guarantor to guarantee all tenant obligations in the tenancy.
So, for example, if the tenant breaches a repair obligation and trashes the house and causes the landlord financial loss, the landlord could look to the guarantor to cover that loss.
That may be why the landlord is still seeking a guarantee despite the tenant paying 6 months’ rent in advance.

So ask those friends. They should be only too happy since you did it for them!

The problem is that it takes over a year to evict a tenant that doesn't pay. Whilst you might have a 6 month contract effectively you could be there potentially 15 months longer without paying.

The law is very strongly on the tenants side, court delays make this even worse.

I think your anger is misplaced. You should be annoyed at the letting agent ,they are getting 6 months rent upfront for a 6 month contract. That should be enough. You shouldn’t have to even have a guarantor, you have money and can prove it.

Op you are unreasonable. Cheeky for asking friends. I'd never put it friends in that position.

Can't believe you think a friend should act as guarantor to what is a fairly substantial amount. It could ruin them. It's different for a child at uni as they are a younger person and haven't had a chance to build up a credit rating.

If it's a six month rental and you've offered the money upfront that should be enough. But eviction is a long drawn out process and I suppose landlords just aren't willing to take the risk. Who can blame them. Why is your credit rating not good.

The contract might be for 6 months. The reality is that evicting a tenant takes so long that the potential duration of occupation is between 18 and 24 months due to court delays.

The landlords financial risk is effectively 12-15 months lost rent on a 6 month tenancy even with 6 months up front rent.

I wouldn't, not even for adult DS, I did while he was at university but not now, I can't be one anyway now as I'm retired so not enough income

No I think this is too big a ask for a friend sorry op

I’ve been guarantor for dc while renting at uni and after graduation until they got settled but I was also actually paying the rent for them but I wouldn’t do it for a friend. To be honest no friend would ask me to do it.