There are a number of reasons why a tenant may need a rent guarantor and the request for one can be made either by the landlord or the letting agent handling the rental. If you have been asked to find yourself a rent guarantor, or asked to be one, but aren’t entirely sure about what they are and what they do, you’re in the right spot.
This post will tell you all you need to know.
Before we get into the finer details of rent guarantors and what’s expected of them, let’s first answer the most basic question of all...What is a rent guarantor?
What is a rent guarantor?
As one might expect, a rent guarantor is exactly that: someone who is willing to guarantee the rent will be paid should the tenant fail to do so. Rent guarantors do not, however, have to be individuals (although they commonly are...Hello, parents 👋🏻), as rent can also be guaranteed by a company, charity, or institution.
Being a landlord is no easy task, especially during the current pandemic and the ongoing changes due to COVID-19. We understand that this is a concerning time for landlords as well as tenants, and that it may be difficult to keep up with the latest Governments advice and changes. From suspended evictions, to extended notice periods and three-month mortgage holidays, we have rounded up the latest guidance for landlords from the Government to help keep you up to date in the current landscape.
You will probably have heard that the government plan to suspend evictions during the current Covid-19 situation. We realise this will cause many landlords concern, with the potential loss of income considering that many will have a mortgage to pay. It was previously discussed that homeowners should get a three-month holiday
Wondering how it works? We effectively become your tenant, guaranteeing you a fixed rental income. We then sub-let the property, taking great care to select the right tenants and then manage the property throughout the fill duration of the tenancy – leaving you to get in with your busy life.
So, if you’re a landlord looking for a fixed rental income, paid each and every month without all of the normal stresses involved in letting out a property, then you have landed at the right place.
Guaranteed Rent Summary
1. A guaranteed rental income on time, every month
2. You still get paid even if the property is empty
3. You get paid even if the rent is late or isn’t paid at all
4. No set up fees, monthly commissions or hidden extras
5. We deal with the tenant’s queries, questions and complaints
6. A guaranteed contract start date – no worrying about how long it will take to find a tenant
7. If ever needed, we cover the court costs and eviction process
8. Regular property inspections and maintenance management
9. Internal condition guaranteed, subject to fair wear and tear up to one and a half months’ rent