Traditionally, tenants have relied heavily on personal guarantors when renting, often family members. In the UK, to qualify as a guarantor a person must typically earn more than £50,000 per year, have a good credit score and be a British citizen.
Finding someone who meets these criteria and is willing to take on the responsibility can be difficult for UK residents. This challenge is even greater for overseas tenants, who are more likely to have friends and family based in their home country rather than in the UK.
Overseas professionals have a strong appetite for renting, particularly in Built to Rent developments. These developments are fully serviced and offer a sense of community and safety, making them one of the most attractive rental options.
Built to Rent providers offer many benefits to prospective tenants, but the requirement for a UK guarantor often creates a significant barrier. While alternative solutions exist, they frequently involve large upfront payments, which may not always be affordable and are expected to be restricted under the upcoming Renters’ Rights Act.
A professional guarantor enables both overseas tenants and UK residents to rent by acting as a third-party guarantor. This provides financial protection for tenants and rental security for landlords. A streamlined process allows applications to be assessed quickly, with responses typically provided within 24 hours.
Once a prospective tenant applies, an initial quote is issued. The application is then assessed and, if successful, a provisional acceptance is sent. The landlord is contacted to confirm they are happy for RentGuarantor to act as the guarantor. A contract is issued via Eversign and, once signed, the tenant is invited to sign. The tenant then pays the applicable fees. Both the landlord and the tenant receive confirmation that RentGuarantor is acting as the professional guarantor.
This approach creates a faster and more reliable process than relying on traditional guarantors. Providers avoid the uncertainty of whether a prospective tenant will be able to secure a personal guarantor, which is often time-consuming and involves repeated communication with the lettings team. Instead, tenants apply directly to RentGuarantor, eligibility is assessed, and a response is provided within 24 hours.
