All you need to know about guarantid

What is a guarantor?

A guarantor is a person/company that is legally responsible if you default on your rent or damage the property.

Student or graduate with no income?

We can help you. When assessing your finances we will look at your income (if any) and job prospects. We always take account of the big picture to arrive at a sensible outcome. You might be required to provide a Co-Signer.

Can you be my guarantor?

This is what we do! Fill out the form on our website to begin the application process.

What is a Co Signer?

Your Co-Signer can be a parent or guardian, or somebody else who we can contact in the event that you do not pay your rent. This person will take responsibility for meeting your commitments within your tenancy agreement, if for example you do not pay your rent. They do not have to reside in the UK. A Co-signer cannot be receiving benefits.

What is the process?

  • Pre-qualify via our online form

  • Pay our fee 

  • Provide outstanding documents information and complete the application process 

  • Sign the Guarantor Agreement

How much does it cost Landlords?

Nothing! Landlords will be able to let out their properties to great tenants at no additional cost.

How do I qualify?

To act as your guarantor, we need to validate your identity, rental record, credit background, financial abilities and Co-Signer information if you are a student. 

What happens if I do not pay my rent? 

Your legal obligations under your tenancy agreement remain the same with or without guarantid. If you default on the rent, we will pay the landlord on your behalf and arrange with you to repay guarantid.

Is there an application fee?

The eligibility check for guarantid is completely free. Once you have pre-qualified for guarantid, you will be invoiced to pay a one-off fee for our service which is refundable if we determine that the information you provided in the pre-qualification form is false, misleading or illegal or if you would like to withdraw your application.

Is guarantid an insurance product?

No, guarantid is not an insurance product. Generally tenant guarantees do not fall within the scope of insurance.

I am employed, what documents do I provide?

We require a copy of your ID, three years residential history and a signed contract or payslips dated from the last 3 months. Your yearly income must be 22x the gross monthly rent

What is your refund policy?

If we determine that the information provided by you is false or misleading or if you would like to cancel your application after 24 hours, we will charge an admin fee of £30 and refund the remainder of the payment made. 

I am unemployed and on benefits. Am I eligible ?

Unfortunately, guarantid can't act as your guarantor if you are unemployed and also on benefits. Your benefits can only account for 20% of your total income. However, we can take into account other income as long as you can provide proof. 

How much does guarantid cost?

We offer the lowest possible fees, 50% less than our competitors. To act as your guarantor, we charge equivalent to 3 weeks rent (just your share of the rent where there are multiple occupants).

I am on benefits, what documents do I provide?

We require a copy of your ID, three years residential history and  a government document confirming benefits from the UK, stating the amount, date, and frequency of payment. Your benefits should only account for 20% of your total income. 

Do you sign the Tenancy Agreement?

No we do not sign the Tenancy Agreement or any other third party documents as we have our Guarantor Agreement in place which covers the the responsibilities of the tenant according to the Assured Shorthold Tenancy.

I have received a CCJ within the past six years, will this affect my application?

This may affect your application depending on the amount of the CCJ and whether or not it has been satisfied.

I am a student, what documents do I provide?

We require a copy of your ID, three years residential history and including references and a proof of study document (council tax exemption letter, bank registration letter or letter of enrolment dated within the last three months)

Why do you require Open Banking access?

As part of your guarantid obligations, you are required to report your rental payments.  Open Banking access to your main current account allows us to get a report of your monthly rental payments. We require you to renew such access every month. We are working with TrueLayer Limited, a secure, authorised service that acts as a messenger between us and your bank. 

What is Homeppl?

Homeppl specialises in authenticating people’s data and creditworthiness. They can reference any type of tenant including internationals. With new technologies, Homeppl offers the fastest, easiest, and most comprehensive tenant validation solution in the rental market. We use Homeppl for our guarantid eligibility check.

What is the affordability criteria?

If you are employed, your annual income must be at least 22x the gross monthly rent. For Co-Signer's, we require an annual income of a 30x the gross monthly rent.

What can be used as an ID document?

A valid proof of identity document could be a passport, driver's license or birth certificate

What if my landlord does not accept guarantid?

We work with hundreds of letting agencies, student accommodations, new developers, and associations across the UK. However, if your landlord does no accept guarantid as a guarantor, we will give you a refund.

For how long does the guarantee last?

The initial term is valid for a maximum of 12 months but can be renewed.

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Guarantid LTD is a limited company registered in England and Wales with registered number 11995176. 

Our registered office and place of business is at Brickfields 37 Cremer Street, Hoxton, London, E2 8HD. Data Protection registration reference: ZA523627.