The requirements for who can be a guarantor may vary depending on the landlord or the tenancy agreement, but generally, a guarantor is someone who has a good credit rating and is financially stable. A guarantor is typically a friend or family member of the tenant, but it is also possible for a professional guarantor service to act in this capacity. (I can assist with providing a professional guarantor service?)
Here are some common criteria for who can be a guarantor:
Age: Guarantors are usually required to be over 18 years old, but some landlords may have a higher age requirement, such as 21 or 25 years old.
Employment status: Guarantors are often required to be employed and have a regular income. Some landlords may also accept self-employed individuals, but they may require additional documentation to prove income. As a guide their income is usually 3 x the Rent level for the property.
Credit history: Guarantors are typically required to have a good credit history with no significant negative marks, such as missed payments or defaults.
Homeownership: Some landlords may prefer guarantors who own their own home, as this indicates a higher level of financial stability.
Relationship to the tenant: Guarantors are often required to be a close friend or family member of the tenant. Some landlords may not accept guarantors who are related to the tenant by marriage, such as a spouse or in-law.
It's important to note that the specific requirements for who can be a guarantor will depend on the landlord or the tenancy agreement. Potential guarantors should always check with the landlord or property manager to confirm their eligibility; Contact Us