If you’re unemployed or studying, or renting for the first time – your landlord might consider you as more risky than other tenants.
As a result, they might require you to ask someone (typically a parent) to act as ‘guarantor’ – to provide a guarantee the rent will be paid.
This means if you fail to pay the rent one month, the landlord can legally call on your guarantor to pay up instead of you.
This is particularly worth bearing in mind if the property is shared, as in this case the guarantor might be liable for any failure of the rent from other tenants – not just their own child.
Again, it’s worth building up an emergency savings pot so you don’t leave your parents with the financial burden of paying your rent if you lose your job or fall ill.
At Home Finders our Property Management Team are always on hand to help both tenants and landlords ensure they are complying with their legal responsibilities and to make the whole letting/renting experience stress-free.
If you are looking to rent a property in Swindon or are a landlord with properties to let, please get in touch with any questions you have on 01793 299180 or Sue@swindonhomefinders.com.
Sue Gidney, Managing Director, Home Finders