A Guarantor must be working AND a homeowner.
This is because they need to be able to afford the rent as if they were paying it anyway.
It is also important to note that your Guarantor must earn at least 30x the monthly rental income per annum.
What is the criteria for a guarantor?
However, you should only be a guarantor for someone you trust and are willing and able to cover the repayments for. To be a guarantor you’ll need to be over 21 years old, with a good credit history and financial stability.
How much do you need to earn to be a guarantor?
How much does a Guarantor have to earn? The standard amount tends to be three times the annual rent. Slightly higher than tenants, generally because they have their own dependencies/financial obligations. So, if the rent is £850, the guarantor is usually expected to earn at least £30,000.
Does a rent guarantor have to be working?
You might need a ‘guarantor’ so you can rent a place to live. Your landlord can take legal action to get any unpaid rent from your guarantor. Your landlord may want to check that your guarantor is able to pay the rent in the same way that they’ve checked your ability to pay.
Does a guarantor have to be a homeowner?
Your guarantor doesn’t need to be a homeowner, but if they are, we may be more likely to be able to accept them, so we always recommend asking someone who owns their own home first if you can. Don’t worry, their home isn’t at risk.