Sometimes tenants who are in a bad financial situation or are not able to guarantee stability of their income try to find someone who will agree to be their rental guarantor. Rental guarantors are the people who sign the tenancy agreement with you and guarantee that will take the financial responsibility in case you fail to pay your monthly rent. These a mostly parents helping their children or close relatives.
However, if you have been asked to sign as a guarantor to someone, make sure can answer with definite YES to the following questions:
1. Are you completely sure that the tenant you are signing for is someone you can trust on 100 per cent? Is he/she your child, parent, cousin, brother, sister or other relative or is he/she someone you don’t know that good?
2. Are you financially backgrounded to take all the responsibilities which can occur in case your trustee doesn’t pay his/her monthly rent or other obligatory rental expenses?
3. Are you ready to have your background completely checked? Credit score, employment, personal background, references, financial history, etc.?
4. Are you well-informed on what exactly you are about to sign and the check-in London inventory is performed? Do you entirely understand the importance of your role in the tenancy agreement?
Many people feel like helping their family or friends is something that doesn’t even require explanations and can’t bear any excuses. But promising to cover someone’s financial obligations sometimes can be turn to be a big thing to deal with. It is a quite big risk and you may have to cover other expenses except the monthly rent as inventory reports London, repairs, maintenance costs, etc.