Many private landlords and letting agents ask that a third party – usually a parent or guardian – acts as a guarantor for the rent before they will agree to let a property to a student.
Landlords will usually require the guarantor to be based in the UK, which can be a particular problem for international students, although some British students also experience difficulties if they do not have a family member willing to act as a guarantor or their parents earn less than the threshold set by the letting agent.
If you are unable to provide a UK-based guarantor, you will usually be required by your letting agent or landlord to pay 6 to 12 months of your rent up front in order to secure the property – and even if you do pay in advance, you may still need a guarantor in the UK. Paying your rent up front can reduce your bargaining power if something goes wrong with your accommodation, so what can you do to avoid finding yourself in this situation if you don’t have a family member or guardian in the UK who’s willing to act as a guarantor?
The good news for anyone in this situation is that help is at hand. Ezylet, an online platform that aims to provide a one-stop shop where landlords and tenants can access all the services they need for letting a property, has partnered with Housing Hand to provide students and young professionals looking for a property to rent through their website with a UK guarantor, so that they can pay their rent on a monthly basis rather than up front. Housing Hand, which also partners with universities, private student halls of residence and letting agents across the UK, can stand as your guarantor and charges a one-off fee paid at the start of the tenancy, with costs for the service starting at £295 for up to 12 months’ cover.
You can find out more about the UK Guarantor Service for students and working professionals from the Ezylet website.