Standing as guarantor for residential letting

[Jon C]

My eldest has decided to move out (all amicable), and he has asked me to stand as guarantor with the letting agent. I have no objection in principle, but the agents have sent me what I consider on first glance to be an incredibly intrusive form in which I have to ask for permission to do this. They have asked for more financial details than the bank did when I remortgaged! In addition to this, the small print tells me that on application, a search against me will go on my credit file.

Surely at worst (assuming my lad keeps me informed) I will have to cover the rent for the standard notice period should he welch on the payments along with any arrears (which he understands I must be made aware of hourly). Why do they need my full bank account details, employment details and inside leg measurement?

If this is all very standard stuff, then fair enough, but as I haven't had anything to do with rental property for 25 years, it all seems very intrusive to me. The company (which I wont name) seem well established.

[Glosphil]

When my daughter's landlord asked for much the same I just sent a copy of the statement to a savings account with a balance that was over 12 times the total rent to be paid under the agreement. Account details blanked out, of course. Enclosed a note saying accept this or we rent elsewhere. They accepted it and I signed a few simplier guarantor form. That was in Sheffield 10 years ago when she was a student.

[koolchris99]

I am a landlord and we only take a simple form saying XXX will pay £XXXpm if mr XXX defaults.

People get really pissy about guarantor forms and providing details so we try and keep it simple

[Jon C]

Thanks for the replies. I figured it was probably standard stuff, I just get a bit twitchy about giving people access to my bank, esp when the small print says stuff like 'your obligation in the event of a default is not limited to a financial one' Gulp!

There are a couple of legalisey bits I want to speak to them about, but otherwise I am suitably re-assured. Many thanks, JC

[al1991]

My Dad is guarantor for some people. He owns his own business. The guarantor was supposed to earn a certain amount etc, he showed them a few accounts and they were OK with it.

[cardigankid]

I would be very wary of getting involved with these people if I were you. If it is difficult now it will be twice as difficult when it comes to the end of the lease. Can your son not find somewhere else?

[Lucie W]

On my current student house I got the form to add a guarantor, I threw it away as my parents would be less able to pay rent than I would. Never heard anything from them regarding it again.