Guarantor for shared accommodation?

6

My daughter lived on her own during her first year at university, but next year she’ll be sharing a house with two others. Her student loan and grant covered her rent this year, so that part has been manageable. The issue is that each of her friends needs a guarantor, as does my daughter. The guarantor agreement I’ve been given says I could be held liable for the full rent if the others fail to pay. The total rent is £1,500 a month. I can afford to cover my daughter’s share, but I can’t afford to pay for her friends as well. I’m also worried about being the first to sign. If one or both of the other students back out afterwards, would I still be liable for the full amount? Is there anything I can do to reduce the risk or protect myself? Any advice to put my mind at ease would be really appreciated.

Reply 1

anonomouse888

13

Original post

by Grayson99

My daughter lived on her own during her first year at university, but next year she’ll be sharing a house with two others. Her student loan and grant covered her rent this year, so that part has been manageable. The issue is that each of her friends needs a guarantor, as does my daughter. The guarantor agreement I’ve been given says I could be held liable for the full rent if the others fail to pay. The total rent is £1,500 a month. I can afford to cover my daughter’s share, but I can’t afford to pay for her friends as well. I’m also worried about being the first to sign. If one or both of the other students back out afterwards, would I still be liable for the full amount? Is there anything I can do to reduce the risk or protect myself? Any advice to put my mind at ease would be really appreciated.

I would reccommend asking to be put in contact with the other students guarantors to discuss this. Definitely do not sign immediately, especially if your daughter only met her future housemates this september.