What is a UK Guarantor?
A Guarantor is a person, in many cases an individual such as a family member that agrees to secure or ‘guarantee’ somebody’s tenancy agreement or contract. The Guarantor effectively takes on many (or all) of the commitments that the main party to the tenancy agreement is taking on. In other words, if you sign a tenancy agreement, the Guarantor will be responsible for fulfilling many of the terms of the agreement if you do not. What this means is, if you don’t pay your rent, the Guarantor will be required to pay it. Depending on the type of tenancy agreement, it can also mean that the Guarantor is liable for any other costs, such as damages and even the rent due from other occupants of the property who are on the tenancy.
The Guarantor needs to own a property in the UK and prove that they earn a salary 3 times the amount of the annual rent.
Being a Guarantor is a considerable responsibility and it is particularly important to think about these commitments before agreeing to proceed.