All You Need To Know About Student Guarantors
Like many students, moving to university is likely your first taste of real independence, and we bet you can’t wait to immerse yourself in all the exciting things to do in Newcastle around your studies.
Before the fun starts, you’ll need to get a guarantor if you’re moving into one of our student properties in Newcastle. If you have little to no experience with guarantors, or what the requirements are, we’ll break it down for you.
What is a guarantor for student accommodation?
You’re probably wondering what we mean by a ‘guarantor.’ In simple terms, a guarantor is someone who agrees to cover your rent if you are unable to make the payment. Guarantors are typically family members or guardians, but can be anyone who meets the requirements. Most landlords and agents will ask for a guarantor when you’re exploring student lettings in Newcastle.
Your guarantor will sign a legally binding document, meaning the landlord or agent can legally chase them for any missed payments. With this in mind, it is crucial that you and your guarantor read through the tenancy documents carefully before signing.
Is a guarantor a requirement for student accommodation?
Landlords and agents like the financial security of having a guarantor because it mitigates their financial risk. It’s a form of insurance, and reduces the risk of them losing money if you don’t pay. While guarantors aren’t always mandatory, we do require them if you’re moving into a student property with Seekers. One of the best ways to make sure you don’t miss out on monthly payments is to prioritise budgeting. For more guidance on this, take a look at our blog on Student Budgeting: How to Manage Your Money.
Becoming a guarantor for student accommodation: how does it work?
Let’s explore how the guarantor process works, and what you can expect in terms of student guarantor requirements.
Student guarantor requirements
When you need financial help, your parents are probably the first place you turn to, but it’s worth noting that anyone who is financially stable can be a student accommodation guarantor.
For most students, friends and family are the obvious choice, but your student rent guarantor doesn’t have to be personally connected to you. Your guarantor for our Newcastle student properties should be:
Over 18
A homeowner or in full-time employment
Have proof of address
Have a valid ID
Be able to provide an NI number
Be able to provide bank details and proof of income
A UK resident
Willing to be financially liable for unpaid rent and other costs
Can a parent be a guarantor?
Anyone who meets the student guarantor requirements can sign the paperwork. Parents and guardians can be a great choice, but they’re not your only options.
Can you be a guarantor for more than one person?
Technically, a student guarantor can cover as many people as they want. It’s worth noting that most tenancies are on a joint liability basis, so your guarantor will be expected to cover the total rental amount and accidental damage to the property. For more information on joint liability, read our Joint Liability: A Comprehensive Guide for Tenants blog.
Uni accommodation in Newcastle vs student rentals in Newcastle upon Tyne: Is the guarantor process the same?
As a first year student looking for accommodation, you may opt to live on campus. In this case, you may not need a guarantor. You’ll be able to enjoy time with fellow freshers without the worry of bills, as they are usually included in your accommodation fee.
When it comes to hassle-free rent payments, we recommend our bills packages. At Seekers, we make your life easier by combining all your utilities into one monthly payment (gas, internet, energy, TV license, etc). We’ll liaise with providers on your behalf and get everything set up for you moving in.
Guarantors for international students
If you’re an international student, it’s strongly advised that you have a guarantor. All students looking to move into student properties in Newcastle with Seekers will need one. One of the requirements for being a guarantor is that you must be a UK resident, and most international students won’t have UK-based relatives. In this case, Seekers can help.
Who can be a guarantor for international students?
Travelling overseas to study is an exciting but daunting adventure, and finding an international student guarantor can be tricky. Keep in mind that a guarantor doesn’t have to be a family member, they just need to be willing to cover any payments you miss and be acceptable to a landlord.
If you’re struggling to find a UK-based guarantor, you do have options. An alternative is paying your rent upfront for the term, or finding student accommodation in Newcastle that doesn’t require a guarantor.
Is the guarantor process the same for UK and international students?
The bottom line is that you’ll need a guarantor if your landlord requires one, so the process is identical whether you’re a UK student or an international student.
Student housing made easy with Seekers
Make your transition from home to university easier with Seekers. We’ll take the pressure of managing multiple bills with our bills packages, and will be on hand to provide you with any guidance you may need during the tenancy process.
Discover our student lettings in Newcastle, and head to our Student Hub for further guidance on your time at university. If you’d like to book a viewing, get in touch with the Seekers team.
