What is a Guarantor?
A guarantor is someone who agrees to pay the rent or damages relating to a tenancy if the tenant is unable to pay. Normally they will be a family member or close personal friend of the tenant. Typically they will also be a homeowner in the UK.
In most tenancies, the guarantor will not be necessary as most tenants pay their rent on time and leave the property in a good state when they leave. However, by securing a guarantor, landlords can have peace of mind that if their tenant does breach their obligations they will be able to recoup their losses later on.
How do I get a Guarantor?
Typically, a UK based home-owner with sufficient income to pay the rent and their own mortgage is ideal. Without meeting these requirements it may not be possible to claim back any damages you are owed. It is in your interests to ensure that the guarantor is capable of paying for the rent or damages. As such it is highly recommended that any guarantor be fully credit checked and referenced.
Where can I find more information?
For more information please use the following link https://www.nrla.org.uk/resources/pre-tenancy/guarantor-documents-and-guidance
Where can I find training on this topic?
The NRLA offer a multitude of courses for our members to increase their knowledge and improve their skills as a landlord. You can find training on Landlord Fundamentals and other topics. You can attend these courses in a classroom, eClassroom or eLearning depending on your preference.