Lots of people ask themselves this question even before walking into an estate agents. But, when do you really need a guarantor for renting a new home?
There's been a sharp rise in the number of people who require guarantors in 2022. We break the most common reasons why for you below:
You don’t have a regular income
If you’re self-employed or on an adhoc contract it’s hard for estate agents to gage your monthly income. This makes tenant financial checks difficult. As a result, you may need a rent guarantor to back up your salary.
You are a student
If you're a student and have no credit score or the right financial information, estate agents are more than likely to ask you for a guarantor. This person will step in if you can’t meet your rent.
You have a bad credit rating
If you have a bad credit score this may stop some landlord renting to you. However, there are ways around this. For example, our technology goes beyond just credit ratings to gauge individuals real credit worthiness and giving more opportunities to rent.
You have travelled here from abroad
Travelling to the UK for the first time - to study or work - is a daunting task. What makes this worse is you’d probably need a UK guarantor to back up your rent. This is difficult when the majority of family and friends live abroad.
