Guarantors

Everyone staying at our houseshares needs to have a suitable guarantor.

A guarantor is someone who becomes responsible for your financial responsibilities under your Tenancy should something happen to you. Your guarantor will receive a copy of your Tenancy Agreement and will need to sign a one-page Guarantee (can be done electronically).

Why we need a guarantor

Having a guarantor reduces our financial risk. When we have less risk we can offer you better terms (like no deposit and a lower rent πŸ€‘).

As everyone staying at our houseshares will have a guarantor, the pricing of our rooms is on the understanding that you will have a suitable guarantor.

Who can be a guarantor

Anyone of sufficient financial means (i.e. disposable income) can be a guarantor. How much is ‘sufficient’ depends on the terms of your stay with us and your financial situation. Normally a guarantor is a property-owner, however we’ve also had non property owners stand as guarantors in the past. Family members and people who are retired can also be guarantor. The guarantor must be a resident of or own assets (e.g. property) in England or Wales. If you’re unsure if your proposed guarantor will be suitable please contact Ivan.

If a property owned / co-owned by your proposed guarantor is mortgaged that won’t prevent them from being a guarantor.

Will my guarantor’s credit be impacted?

The guarantor application process will not impact your proposed guarantor’s credit. The guarantee your guarantor signs remains confidential and will not come up on any credit searches / applications for credit.

What we’ll need from your guarantor

We’ll need a picture of their photo ID and proof of address (e.g. a recent council tax bill). If your guarantor does not own any property in England / Wales we’ll also ask for proof of income.

Your guarantor does not need to view your proposed room or meet us – everything can be done remotely πŸ€“

Can the same person be a guarantor for multiple people?

As long as the guarantor has sufficient financial means then yes.

Alternative to having a guarantor

You don’t need a guarantor if you own / co-own a property in England or Wales.

Next step

Explore our rooms to let in Colchester and Ipswich and get in touch with any questions you may have and to agree next steps.