The need for providing a guarantor has now become commonplace among reputable landlords across the country. It has become a common practice more and more over the last few years as the demand for housing in general has grown and so too has the cost of rental accommodation.
Students are as much a part of this as rental culture as non-students and so the need for guarantors has increased for them also.
At English Homes Group we do require that each tenant provides a guarantor so with that said –
What Is A Guarantor?
When you sign a tenancy agreement with us you are obviously required to pay your rent in a timely fashion, so that we can continue to provide you with first class student accommodation for your time at university. Student loan allowances haven’t really gone up much but the cost of rent and living has, so just in case there are problems with the payment of rent, it is necessary for there to be someone who will guarantee payment to the landlord.
In an ideal world, of course, there would be no need for a guarantor but the reality is that they are necessary in the current financial climate.
Another good reason for a student tenant to have a guarantor is simply the peace of mind that it’ll bring to the student themselves. In particular a student who has just come from halls of residence is not used the sudden shift to becoming a fully fledged tenant with rent and bills to pay. It can all be a bit overwhelming, so having someone you know as a guarantor, or any kind of guarantor, provides some respite from that feeling of overwhelm.
Who Can I Have As A Guarantor?
This is information specific to us at English Homes Group, it may apply to other landlords but this is the info you will also find on our FAQs page:
It is normally the case that the our tenants’ guarantors are parents or relatives. They must live in the United Kingdom on a full-time basis and be over the age of 25.
We also have international students for whom it is not possible to provide a guarantor who ticks the above ‘boxes’ and fulfils the criteria. In this situation, if the student is at the University of Kent, the university will stand as guarantor for the student’s rental payments.
As ever, we will do our best to make sure that every aspect of becoming and staying as a tenant of ours will be as straightforward as possible, so, fear not, we are here to help you with all things related to providing a guarantor.
Next up – we’ll look at the super vital issue of collecting your keys – you know – so you can actually get in to your house :)