Guarantor for the first time

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50 Posts
1 year ago

HI all

I've been a landlord for 10 years with a handful of properties, but I have never requested a guarantor (nor had any problems with my tenants). I now have a young couple who I'd like to offer a tenancy, and for the first time I'm wondering whether I should ask for a guarantor.

They are in their early 20s, both in full time employment with a combined gross income of £50,000. The rent is £685 so affordability is not a problem. However, both have started their current jobs very recently, one 6 months ago, the other just 2 months ago. They are also not married, but been together for a couple of years living in his parents' house. This would be the first time either has lived away from home.

Both his parents and her mother have offered to be guarantors should it be asked. But as I've never dealt with guarantors I don't even know where to start. Some information on the potential guarantors:

Both his parents live locally to the rental property, both own their respective successful business, well known and rated in the town. I can only assume they own their house. Her mother lives far away in another part of the country, and I know nothing about her.

If I chose to ask for a guarantor, should I ask both his parents, or just one? What do I need to check? Their annual income? That they own their house? The state of their businesses?

Or should I just go ahead without guarantors? I've met the couple, they seemed nice responsible people and they've provided everything asked for promptly. The things that make me consider a guarantor are 1) no previous landlord reference 2) very recently started jobs. I'm hoping to proceed one way or another as soon as possible. Thank you for any advice.

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