Wait, I need a guarantor? I need one now! What should I do?
There are a few things we wish we had been taught at school like how to manage money, how to file taxes, understanding how insurance works and how the housing market can impact your life.
When you are first told you need a guarantor, many things may come up in your mind:
What is a guarantor?
How do I get it?
How long is it going to take?
Am I going to lose the place of my dreams because of this?
Needing a guarantor is, understandably, not what you want to hear when applying for a property. But unfortunately, it’s the reality for many in the UK. This means you are faced with the dilemma of going through your contact list to figure out who would fit the requirements of letting agents or landlords. Thinking about who can be the right fit, and more importantly who would say ‘yes’ to act as your guarantor.
A guarantor is a big part of your rental agreement. It is a big responsibility that many do not want to have on their shoulders. This means asking someone, which is quite awkward for both parties. And what happens if they say no? This results in you still without a guarantor, and a potentially damaged relationship with the person.
On the upside, they might say yes. Hurray! So, you got yourself a guarantor and you go to your letting agent. This person must go through referencing, the same as you, which can take some time. There’s also the possibility that they might not pass referencing at all.
The rental market in the UK. is brutal. Properties get let in the blink of an eye. If you take too long, the agency knows there’s plenty of people waiting and they will just move on to the next.
When you find the property, you have to act fast – this is a no brainer. However, fast does not mean easy...and what is life without obstacles? The need for a guarantor is just a way to keep you on the edge of your seat.
Guarantid was created to help you in these moments of need. From the moment you set your eyes on our website until getting your agreement signed can take less than a day! An obstacle has been put before you and we understand that time is of the essence, so we act accordingly.