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?

I don’t think anyone thinks you won’t pay the rent but stuff happens eg you get scammed online, you fall for someone who is a chancer / has a drug problem, your bank has a viral attack and your money is locked up for weeks etc
Even guarantoring your DD’s friend - her DPs could have done it.
Rents are so high these days…..

I think the issue here is with the rental system in this country. At 62 many people won’t have a guarantor, younger people as you have explained often ask parents. I never used to need a guarantor in recent times I have. Which is why I know I need to buy as renting is unpredictable and tough in this country. But maybe so is buying!
I think it shows that you weren’t being unreasonable asking a friend but that you are perhaps more trusting as you would do it if the other way around.

Yes but to some tenants should be able to do whatever they want and Landlords and agents just have to go along with it, there no thought for laws etc. it is just tenant want tenant get

I did it for a few who rents.. but she my best friend

I would certainly be guarantor for my children but not for anyone else. It's unreasonable of the letting agent to ask for a guarantor if you are paying rent up front. I would look for somewhere else.

Too much to ask of a friend

I wouldn't want to do it either. As a compromise could u give guarantor the 6 months rent to keep in their bank account to cover u possibly defaulting. They could then return it you ?

I'm glad you realise this as I was going to post exactly that ^

It's a HUGE cheek to ask friends or, imo, anyone apart from a parent.

Being a guarantor is a big decision. Who knows what might happen to your finances in the future. I appreciate that you're paying 6 months rent up front for a 6 month tenancy but if you decide not to leave the property after 6 months it can take a long time for the landlord to evict you and the guarantor might then be called upon

Struggling why you need a guarantor if it’s just a 6 month rental with 6 months paid in advance what exactly are the rental agency expecting a guarantor to agree to?

Quite simply, because they will have to pay if you don't. That's why no one would want to do this. Any mix of circumstances could change which would put them on the hook, so any sensible person wouldn't agree to it

This. Being a guarantor means you accept paying your rent on top of their own outgoing. That means they must be able to lose it.

I wouldn’t do my nieces. I will only do my children. That’s it.

There are many many things that kick in here. For us we have a child at university, a younger one we could not afford an extra 1000 a month if push came to shove.

Let’s say you are ill and can’t work - a serious illness (heart attack or something) they don’t have POA they aren’t in your will and they will have to come up with the funds.

Sorry but I wouldn't do it either. It's a huge commitment and actually I think it can affect someone's ability to get a mortgage as it would be seen as a potential outgoing under affordability.

I’ve not read all posts, just all of OPs. There are guarantor services you can use if you don’t find anyone. These obviously cost, but worth looking into if you’ve got no other option.
It is tough out there, I remember even years ago how many landlords asked for one, which we didn’t have. I was surprised a work colleague offering who I didn’t even know that well!

I wouldn’t do it. Too risky.

DP did it for a flaky family member, without really consulting me, who then defaulted on the rent and left the flat filthy. We were out of pocket thousands. I wouldn't have done it, and I wouldn't do it for anyone now except my own children.
People should only be a guarantor if they're willing to pay the money and can afford to lose it. Most people aren't, and can't.

Is it for a 1 year contract? Either pay the money up front or offer to put the money into a bank account in the name of the friend who is standing guarantor for you so that they can’t lose out.

Many people are extremely uncomfortable with the idea of being a guarantor. My dad refused for his brother.

I'd refuse if asked, even by family, it's too much risk, especially in the current economy. What if you lose your job? Changes to pension age? Are the victim of bank fraud? Suddenly become unwell?

I know a couple of people in your situation who have offered a years rent up front which has been accepted. You could try that.

I hope things get sorted for you op- how come you pulled out of the house purchase?

Hi OP - well done for taking the comments on board so gracefully.

The reason I would be very hesitant to be a guarantor is that any situation which led to me needing to pay the rent would obviously (assuming you aren’t going to deliberately default) be a situation where you were having an awful time.

It would mean you had lost your job/ become seriously ill/moved a boyfriend in who the abused you and refused to move out etc wtc.. And I would be left with paying the rent and simultaneously needing to talk to you about how you would need to move out of the house because I couldn’t afford it. Yet I wouldn’t be the one who could give notice on the flat, or sort out a new one. It would be awful all round.

However, as others have said, this all makes it very tough on you. This article here:

https://www.totallandlordinsurance.co.uk/knowledge-centre/what-is-a-guarantor

suggests that when the renters rights bill becomes law then the liability of a guarantor will be less and the landlord can’t require one in some situations.

It is standard now my friend earns a lot of money and he needed one when he split from his wife. When I was going to go private they wanted a home owner guarantor it’s all gone a bit weird

Didn't work last time we tried to rent. They wanted a guarantor. We offered 6 months in advance. They said no, they only will accept a guatantor. My FIL agreed to be a guarantor. He wasn't accepted because he was a pensioner. So this also discounted my parents. My brother agreed, but not counted because he doesn't work in the UK. As seen from this thread, friends can't be asked ao we were screwed. We looked into an expensive professional guarantor service, but thankfully my bf being a property owner somehow convinced the letting agency and we were able to rent without one.

I would never in a million years act as a guarantor for anyone, not my husband, not the King of England. Don't take it personally, OP.

Well done on your friends for being sensible . My Nan and uncle and aunt stood as guarantors for different family members and as a result , I would never be guarantor . It does affect your credit rating and relationship if you don’t pay up .

I wouldnt

Have you explained your position with the rental company & requested they speak to the landlord - it might help to be able to show them a bank statement so they know you will be able to pay after the 6 month tenancy expires. [even if that's not what you plan to do.]