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Rent guarantor agencies: your fall-back option

If you can’t find a rent guarantor for a property in the UK, it doesn’t mean you have to miss out on your ideal home. You can seek the services of a third-party guarantor agency.

Rent guarantor agencies: your fall-back option

Renting in London will expose you to a confusing new language of property-related jargon. One term that will keep popping up during your search is rent guarantor – a concept you must understand if you are going to secure a rental on your ideal home.

When renting private accommodation in the UK, the landlord or letting agent might ask you to provide a rent guarantor: someone – typically a close relative – who agrees to secure your tenancy agreement or contract. Essentially, this means they are willing to pay your rent if you don’t pay it. This provides the landlord or letting agent with an extra level of reassurance that the terms of the tenancy agreement will be met, and the rent will be paid.

But what do you do if you can’t find a relative or friend who is willing to act on your behalf or they don’t qualify as a UK guarantor?

Rent guarantor agencies

If you can’t find a rent guarantor all is not lost – another option is available: a rent guarantor agency. Whether you’re an international student or a working professional, they can help you manage this essential element of the renting process.

Simply apply online and if you are approved you will secure fully comprehensive cover of rent, damages and dilapidations. They typically charge a one-off fee for six or 12 months’ cover of a tenancy.

What will you need to apply?

Students

  • Proof of study: Official correspondence from a university, UCAS form or a student ID.
  • Proof of ID: Passport, driver’s license, or a national ID document.
  • Co-signer details: Someone else that will take responsibility for you meeting your obligations outlined in your tenancy agreement, and a second point of contact. This can typically be a parent, family member or friend that’s over the age of 18 and working.

Professional

  • Proof of income: Your last three months of payslips or bank statements to prove your income.
  • Proof of ID: Passport, driver’s license, or a national ID document.
  • Co-signer details: Someone else that will take responsibility for you meeting your obligations outlined in your tenancy agreement, and a second point of contact. This can typically be a parent, family member or friend that’s over the age of 18 and working.

Online applications take just a few minutes. Once complete, the agency will check everything with your accommodation provider, which can take a few days. After that, they will provide you with a quote and payment options – so you can successfully secure your rental.

 

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