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Guarantors should be given copies of both the tenancy agreement and the guarantor agreement before they agree to anything. All liabilities and the risks involved should be explained to them before they agree to act as your guarantor.
Lenders have their own rules and guidelines, but usually guarantors will: be over 21 years old. have a good credit history. have a separate bank account to the borrower you may be able to guarantee a loan for a spouse or partner, but only if you have separate bank accounts.
Does a guarantor have to be a homeowner? Most letting agents and landlords require a guarantor to be a homeowner. This could mean they own a property in the UK, but not necessarily. Even if your landlord doesnt need a guarantor to be a homeowner, it could improve the chances of having an application accepted.
The guarantor is the person who guarantees they will pay the rent. Guarantors have to be over 18, have a good credit history and often have to have a certain amount of savings or income. They are usually a close relative or a friend who has the capacity to pay the landlord if for any reason you cant.
While the specific checks may vary from landlord to landlord, rent guarantors can expect to have their credit history looked at, as well as their employment records and whether or not they have any CCJs against their name or have recently been declared bankrupt.
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Theres no general rule about how long a guarantor agreement lasts. It depends on whats agreed between the landlord and the guarantor. Your guarantor should speak to the landlord if they dont want their liability to continue beyond the end of a fixed term tenancy.
Lenders run a series of checks before approving a guarantor loan to assess whether the borrower or guarantor will be able to repay the loan. Credit checks review your credit history and reveal your credit score, giving the lender insight on how well youve repaid other types of credit and loans in the past.
An inquiry could appear on your report. Its standard for a landlord to check your credit when you cosign for an apartment, which may appear as a hard or soft inquiry on your credit report. A hard inquiry could lower your credit score by a few points for up to 12 months.

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