What is a Guarantor?
A financial guarantor is someone who agrees to co-sign a contract to cover the named tenants rent payments if they are unable to do so. When signing the contract they are also agreeing to pay for any damages or costs to repair the tenants damages upon leaving the property at the end of tenancy. This means your guarantor will be subject to your rent/damage payments if you are not able to. Your landlord may want to check that your guarantor is able to pay the rent in the same way that they've checked your ability to pay. For example, by carrying out a credit check.
Why do I need a Guarantor?
As a student, you will need a guarantor as you are not on a reliable income/wage each month and therefore cannot prove that you are able to make the payments through a monthly salary or wage.
How do I find a Guarantor?
A guarantor must be over 25 years old and must also be a home owner. They must provide proof of their address through utility bill letters.