When searching for student accommodation, you may come across the term "guarantor." But what exactly does it mean, why is a guarantor so important, and do you definitely need one?
This is exactly what we'll cover in this blog! So, if it's your first time renting student accommodation or you're still unsure what a guarantor for student accommodation is, we're here to save you time and confusion.
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:
➡️ Your financial history and credit score
➡️ Your accommodation type and their rules
➡️ Your age and experience in rental accommodation
Landlords ask for a guarantor because they want to make sure they'll receive rent payments on time and that their property is well cared for.
As it may be a student's first taste of independence, and they may still have a low credit score, having a guarantor instils confidence in the landlord knowing they will be covered financially in the event that any rental payments are missed or any damage is done to the property.
Various people can be a guarantor for a student in the UK, including parents, legal guardians, family members, and sometimes even trusted friends who have a stable income and a good credit history. Guarantors must also reside in the same country as the student - so for UK students, this will be the UK.
This is because guarantors may be required to sign a legal document and undergo a credit check before they can sign the tenancy agreement and take up the role of a guarantor.
"But what if I don't have a trusted guarantor?" - Don't worry, there are still some options for you. Keep reading to find out more!
Guarantors take a lot of financial responsibility by becoming legally responsible for the monthly rental payments if a student is ever unable to make the payment themselves. A guarantor will also be liable for any damage-related costs if the tenant cannot cover these.
As a guarantor, it's important to understand that this is a legally binding agreement, and a very big commitment, 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 your student accommodation requires a guarantor then there are various ways to acquire one, which we'll cover in this section.
1. Speak to your family/friends
It's very common to ask trusted family members or friends to be your guarantor and asking a loved one to take on such a huge financial responsibility can be scary. To overcome this, make sure to approach the conversation confidently and with an open mind.
If you do not get your ideal response then there are alternate methods you can turn to.
2. Use UK guarantor services
Some companies offer professional guarantor services for a fee. These services act as a guarantor on your behalf by providing landlords with the same financial protection as a personal guarantor.
Using a guarantor service can help you avoid awkward family conversations as well as allow you to move forward with your educational plans.
As a student, important to remember that a guarantor is primarily a safeguard for the landlord, and ideally, you won't need to rely on their support.
3. 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 various methods you can try to demonstrate your independence and dedication to attending university, such as by:
⚫︎ Checking if it’s possible to pay rent in advance
⚫︎ Offering the alternative option of providing a higher deposit
⚫︎ Choosing student accommodation providers, that don’t require guarantors
⚫︎ Looking into guarentor services (where a company will act as your guarantor for a fee)
At Stockton Students, we offer two pricing options for student accommodation to make it possible for student with a guarantor and students without a guarantor to access higher education, including:
1) Standard price per week option
2) Price per week without a guarantor
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.
