Table of Contents
- Introduction
- A UK Guarantor: What Is It?
- Why do Landlords need Guarantors?
- Is It Possible to Rent Without a Guarantor?
- What Happens If My Parents Are Unable to Serve as My Guarantor?
- Other Choices for Students Who Don’t Have a UK Guarantor
- How to Arrange a Stress-Free Visit
Introduction
“Finding the ideal student accommodation in the UK can be both exciting and intimidating, particularly when terms like ‘UK guarantor’ begin to appear in your tenancy application. One fundamental question that often comes to mind for international students is: Do I truly need one?
In this blog, let’s explain what a UK guarantor is, why it is frequently necessary, and whether there’s an option of paying rent in advance instead of a guarantor.
A UK Guarantor: What Is It?
A UK guarantor is someone who promises to cover your rent if you are unable to pay. They serve as a financial guarantee to landlords, ensuring that your rent and other housing-related payments will be made on time. A guarantor may be
- a parent,
- close friend,
- or relative,
- must be over 18,
- have a stable income,
- and typically live in the UK.
They must also pass reference checks and credit checks and sign a legally binding agreement before being approved as a guarantor.
Why do Landlords and Students need Guarantors?
Since students are considered higher-risk tenants, landlords and property managers often require a UK guarantor.
For landlords, it helps with:
- Financial security: Having a guarantor ensures that rent is paid even if you are unable to pay on time.
- No proof of income: Students sometimes don’t have a steady job or income; therefore, guarantors provide reassurance.
- Legal convenience: It is easier to contact a UK-based guarantor for any legal issues, if necessary.
As for students, having a guarantor can help them with their rental application stand out and increase their chances of landlord approval. Also, here’s a catch- often students rely on maintenance loans to pay for their accommodation. Therefore, it helps them pay rent to their landlords if they are facing financial constraints at the moment.
Is It Possible to Rent Without a Guarantor?
Yes, you can rent without one!
Landlords and student accommodation providers offer several alternatives; however, these can be more difficult to access. In case you don’t have a guarantor, you can-
1. Make advance rent payments
For international students without a UK guarantor, this is a typical choice.
You may pay three to 12 months’ rent upfront to demonstrate your financial stability. This helps improve your credibility as a tenant. And for safety, always request a written tenancy agreement and a receipt.
2. Select ‘No Guarantor Required’ lodging
Several private student accommodation providers in Preston, such as UniAcco, Amber, and StuRents, feature rooms that don’t require guarantors. Instead, such accommodations require a larger deposit or proof of a student’s sponsorship or scholarship.
3. Stay in the University Halls
The majority of university-run accommodations don’t require a guarantor.
You and the uni are directly involved in the arrangement; therefore, there is greater trust and acceptance between the parties.
What Happens If My Parents Are Unable to Serve as My Guarantor?
Parents who live overseas typically do not qualify, even if they are financially secure, because most landlords require guarantors to be UK residents. In such scenarios, you can opt for the other options available to students.
Other Choices for Students Who Don’t Have a UK Guarantor
If you are a first-year student in the UK and you don’t have a local Guarantor to help you get your accommodation facilities finalised, you can go for
1. Expert Guarantor Services
For a nominal price, specialised businesses serve as your guarantor. Landlords and estate agents welcome these guarantors to serve as your financial safety net.
Leading guarantor services in the UK include:
- Housing Hand: It is perfect for international students, where monthly payment alternatives are available.
- UK Guarantor: It is known for quick approvals during onboarding processes for residents in accommodation (in less than a day).
- RentGuarantor.com: Both working professionals and students are covered for their accommodation needs.
- YourGuarantor: For reasonably priced options, YourGuarantor collaborates with numerous universities across the UK.
To avail of these expert guarantor services, you may need your proof of identity, a valid visa, and sound financial standing (such as bank statements or scholarship letters).
2. Making Advance Rental Payments
It is always better to live without any obligation or botheration. Paying rent in advance instead of a guarantor for about six to twelve months is straightforward but expensive, so make sure you have an explicit tenancy agreement before making a payment.
3. Council or Uni Assistance
Numerous universities have partnerships with local landlords who provide flexible rental terms or guarantor services. For advice, always contact the accommodation or student support office at your university.
How to Arrange a Stress-Free Visit
Although a UK guarantor makes the tenancy process easier, there are other ways to find student housing. There is a way to suit any circumstance, whether you decide to utilise a guarantor company, pay rent in advance, or remain in university accommodations.
Starting your search early, make sure you are aware of your financial options, and confirm all rental details before signing. Guarantor or not, you can find secure, cosy accommodation in the UK with the correct approach. So, search wisely.
