What does the Guild consider the right eligibility to be a Guarantor?
Question
Tenant References and Guarantors (England)
Eligibility to be a Guarantor
Answer
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1 Comment
In our view we always suggest as a minimum, the guarantor should be a homeowner (on a mortgage is okay). You can check home ownership via the Land Registry which costs just £3.00 and is well worth the small fee.
We always do a credit check (we personally checked one for our own properties a couple of days ago and the guarantor was an active bankrupt) but we aren’t usually too fussed about earnings. Commonly a guarantor might be a grandparent and we find the home-owning element is usually sufficient. In the bankrupt case, the tenant found another guarantor so it still went ahead.