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Tags: Guarantor

There are few guarantors in life

VOICES there are few guarantors in life
By Geoff Davies, Specialist Housing Advisor, Citizens Advice Staffordshire North and Stoke on Trent   Increasingly, landlords in the private sector are asking prospective tenants to provide a guarantor before agreeing to let a property to them. A “Guarantor” is the person that chooses to accept the liability on behalf the tenant in the event of the tenant being unable to meet their obligations under the tenancy agreement, whether it is for rent arrears or damage to the property.   The guarantor will normally be asked to sign a guarantor agreement.  This provides the landlord with increased security at no extra cost. For some prospective tenants it can be difficult to find a guarantor.  They may have no family, be estranged from family or have family and friends who are unwilling or lack the means to act as a guarantor. A guarantor is all about providing the landlord with a sense of financial security should things go wrong.  So if a tenant can provide the landlord with a substitute form of security then the landlord may be willing to compromise. This article looks at what other options a prospective tenant may have if they cannot provide a guarantor.   Good rental History If a prospective tenant has a rental history of… Continue Reading

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