Student housing explained: What is a guarantor for student housing?

The term “guarantor” may be one you have heard quite a lot when looking for student accommodation. But what exactly is a guarantor and what do they do? Keep reading to find out…

What is a guarantor? 💸

A guarantor is something that most student accommodations ask for from their prospective tenants. Both landlords and agents will double check that you can provide the details for your guarantor before you check in. 

But what exactly is one? 🔑

In simple terms, a guarantor is someone who you nominate (and they agree to it) to be the backup for your payments. This means if you miss a payment or can no longer afford it, the rent charges will become the guarantor’s responsibility and your landlord may start chasing them for the money instead of you. The guarantor will sign a legally binding document, called the ‘guarantee agreement’ and return it to the landlord or agent before you move in to confirm they’re responsible for any missed or late rent payments. 

Who can be a guarantor? 🙋🏻‍♂️

You will need to check with your specific accommodation provider to see who they’ll accept. Most landlords accept international as well as UK guarantors, but there may be some exceptions. The person who you nominate will need to be over the age of 18 and be in full time employment or be a homeowner. They’ll also be required to provide a valid ID and proof of address, along with the signed contract before they’re accepted as your guarantor. In some cases, a credit check will be performed on the guarantor so that the accommodation provider can double check they have the means to pay if you cannot.

Who needs a guarantor? 🏡

This will most likely be stated in your tenancy agreement or the guarantor document which is sent to you from your student accommodation. However, typically every student will need someone to act as a guarantor on their behalf if they’re paying monthly rent or termly rent. If you choose to pay annually, a guarantor may not be needed as the money is paid upfront, meaning you’re less likely to miss any payments (providing you pay the initial annual payment of course!). Both UK and international students will require a guarantor, but as mentioned, please check with your individual accommodation provider to see if you’ll need a guarantor who currently lives within the UK or not.

What if I can’t find a guarantor? ✅

If you don’t have anyone who could be your guarantor, but you still need one for your accommodation (as you cannot afford to pay annually), there are companies who will act as your guarantor. These do charge for their services and will run a credit check to ensure you have the funds to pay for your accommodation. This could be a feasible option if your landlord is requesting that you must have a guarantor. Companies such as UK Guarantor are a great place to look if you’re struggling to locate your own.

Another option, if you can’t find a guarantor of your own, is to talk to your landlord. On some occasions they may waive the need for a guarantor if you’re able to prove that you do have the funds to pay for the rent throughout your tenancy. They may even ask you to agree to an extra document such as a payment plan. This is a further legally binding contract which states you will make the payments on time on the dates stated on the form.

Summary 👍🏼

In summary, a guarantor is someone that most, if not all, accommodation providers will ask for. This is so they can have security surrounding your rent payments. If for any reason you are unable to pay your rent, your guarantor then agrees to pay it on your behalf and will have to make the payment(s) for you. 

If you’re ready to start looking for your perfect student home now that you know what a guarantor is and what they do, take a look at our vast range of all bills included properties across the UK.