When searching for student accommodation, you may come across the term "guarantor." But what exactly does it mean, why is it so important, and do you need it?
For many university students, going to university is the first time they will be renting accommodation, and therefore, there is a lot of information to learn. Understanding what a guarantor is and why some landlords require one can save you time, confusion, and possibly money in the long run.
We’ve simplified this often confusing subject to help you find out whether you need a guarantor for student accommodation and what to do if you don’t have one. Let’s get into it!
A guarantor is a person who agrees to take financial responsibility for a tenant’s rent if they are unable to pay. Essentially, it’s a safety net for landlords to ensure they are paid on time, even if the tenant faces financial difficulties.
In the context of student housing, a guarantor is often required because many students don’t have a stable income or established credit history. It gives landlords peace of mind that rent will be paid, and students can secure housing without financial barriers.
The short answer is: it depends. Most student accommodation providers and private landlords may ask for a guarantor, especially if you’re renting a flat or house. However, the need for a guarantor largely depends on the following factors:
Landlords want to ensure they receive rent payments on time and that their property is well cared for.
For students, this can be a concern since many do not have the financial independence or credit history that would make landlords feel confident about renting to them directly.
A guarantor reassures the landlord that if the tenant is unable to pay the rent and late rent payments become out of hand, the guarantor will cover any costs owed.
A guarantor is typically a parent, legal guardian, or another close family member who has a stable income and a good credit history.
The guarantor needs to be based in the same country where the accommodation is located, as they may be required to sign a legal document and undergo a credit check before they can sign the tenancy agreement.
Some landlords may also accept a trusted family friend or colleague, though this can vary.
The role of a guarantor is significant, as they are legally responsible for the monthly rent payments if the student tenant fails to pay. If the tenant misses rent payments or damages the property, the guarantor may be required to cover the costs.
As a guarantor, it's important to understand that this is a legally binding agreement that can have serious financial implications if things go wrong. You may end up paying monthly rent if the tenant cannot stay on top of their payments.
If you need a guarantor but don’t have one available, there are a few options to explore:
1. UK guarantor services
Some companies offer professional guarantor services for a fee. These services act as a guarantor on your behalf, providing landlords with the same financial protection as a personal guarantor.
It's important to remember that a guarantor is primarily a safeguard for the landlord, and ideally, you won't need to rely on their support.
2. Talk to your university
Some universities may provide a guarantor service or offer assistance for international students who may struggle to find a local guarantor or for other individual circumstances.
If you find yourself in a situation where you don’t have a guarantor, don’t panic. There are alternative options to secure accommodation:
At Stockton Students, we offer two pricing options for student accommodation:
We understand that not everyone has a guarantor, so we’re pleased to offer an alternative option. If you choose not to use a guarantor, the price will be slightly higher to help cover potential risks on our side.
This adjustment ensures we can provide a secure and flexible solution for everyone. Whether you opt to use a guarantor or not, our goal is to help you find the accommodation that suits you best.
A guarantor for student accommodation serves as an additional layer of security for landlords, ensuring they are paid on time and that their property is protected.
While it’s common for landlords to require a guarantor, especially for private rentals, there are ways to work around this requirement if needed.
There are many reasons why someone may be unable to provide a guarantor, but we believe this shouldn't impact your future career path. With over 2 decades of operation, we’ve recognised and addressed this pain point with pride.
Check out our No Guarantor prices or contact us today to discuss your options. Simply complete our contact form, call us at 03301 359065, or write to us via email at info@stocktonstudents.co.uk.
