WHAT IS A GUARANTOR?
If you are moving to United Kingdom as an international student to and looking forward to book an student accommodation for yourself you are required to pay the entire rentals in one go. This could be a burden on your pocket to shell out the entire amount up front. If you want to opt to pay this amount in installments you would be requiring an U.K. based Guarantor who stand as an guarantor to your rentals and thus you could pay the rentals in installments as it suits you. In more detail, a UK guarantor is someone who agrees be responsible for a loan you have taken out, therefore, a UK rent guarantor is someone who has agreed to cover your rent if you cannot pay it. In some cases, the rent guarantor also agrees to cover damages to the property. When and Why is a UK Rent Guarantor required?
Finding a Gurantor-
Finding a suitable guarantor is not always possible especially for international students or professionals as they may not know any UK residents, especially one who is prepared to take on the responsibility! This often means landlords request 6-12 months rent up front which is a challenge most will find impossible, especially with ever-increasing rental costs.
It is common for UK letting agents to ensure you are able to rent before showing you available properties. In many cases, this would mean you need to prove that you have a rental Guarantor.
If you do not have a Rental Guarantor, your Accommodation Provider may well expect you to pay your rent in advance. This is normally a payment of 6 to 12 months upfront. However, in many circumstances and even if you do pay upfront, your accommodation provider may still request that you provide a UK guarantor to secure your rented property. Terms and conditions vary and we recommend that you check this with your provider.
Paying large sums of money upfront can be a risk and could leave you in a difficult position should your rented home be repossessed or if there is damage or an emergency that requires you to vacate the property. It can also leave you in a weakened bargaining position should you require the landlord to carry out any maintenance tasks. By using Housing Hand as
your rental Guarantor, you will be able to pay monthly and protect yourself from such risks as these.
How to find one-
In case you are looking to opt for a U.K. Gaurantor service, please do write to us at the following _
studentsupport@bookmyuniroom.com
or simply log on to various U.K gaurantor service agents available online, few links are provided below-