- A guarantor company can help you rent without asking a friend or family member to guarantee your tenancy, but different providers have different fees, terms and eligibility rules.
- Before choosing one, check whether your landlord accepts the company, how much it costs, how long the guarantee lasts and what happens if you miss a rent payment.
- If you need a professional rent guarantor, Rentmigo can act as your guarantor if you are approved and your landlord accepts the service.
Choosing a guarantor company can make renting much easier when you do not have someone in the UK to help.
But it is still worth doing a little homework before you sign up.
After all, different guarantor companies work in slightly different ways. Some charge every year, some cover several years from one payment, some landlords only accept certain companies.
And the way missed rent is dealt with can vary too.
So before choosing the first company you find online, ask a few questions.
If you need a professional rent guarantor because you do not have someone in the UK to ask, Rentmigo can help.
Apply today and see whether we can act as your guarantor.
What does a guarantor company actually do?
A guarantor company acts as your rent guarantor instead of you asking a friend or family member to take on that responsibility.
A traditional guarantor is normally a parent, relative or friend who agrees to cover your rent if you can't pay it for any reason.
The problem is that landlords often have quite strict rules about who can legally be a guarantor in the UK.
They may want someone who:
- Lives in the UK
- Has a good credit history
- Has a stable income
- Earns enough to cover your rent
- Sometimes owns their own home
That can be difficult if you are an international student, an expat, recently moved to the UK or do not have family who meet the criteria.
A professional guarantor company provides another option.
You apply online, the company checks whether the rent is affordable and, if you are approved, it agrees to act as your guarantor.
If you want to understand the process in more detail, read our guide on how a rent guarantor service works.
Will my landlord accept the guarantor company?
You should always check whether your landlord accepts the guarantor company before you pay anything.
This is one of the most important questions to ask.
Not every landlord accepts every professional guarantor provider.
Some are perfectly happy using a professional service, others prefer a personal guarantor, and some letting agents already work with a specific company and may want tenants to use that provider.
Before signing up, ask:
- Do you accept professional guarantor companies?
- Do you accept this particular provider?
- Is there anything specific the guarantee needs to cover?
It is much better to know this at the beginning than after you have paid.
We explain this in more detail in our guide on whether professional guarantors are accepted by all landlords.
If your landlord accepts Rentmigo, you can start your application today.
How much does the guarantor company cost?
Guarantor companies charge a fee, so make sure you understand the full cost before agreeing to anything.
There is no single standard price. Some companies charge a percentage of your annual rent, others charge the equivalent of several weeks' rent.
Some only cover one year, meaning you need to pay again if you stay longer.
Do not just look at the headline price.
Ask:
- What is the total fee?
- Is there an application fee?
- Is the fee paid once or annually?
- Are there renewal charges?
- Are there admin fees?
- Can the price change after I apply?
At Rentmigo, the fee is between two weeks and one month's share of the rent, depending on your application, and will never be more than one month's rent.
The fee is paid once and covers up to three years from the start of your tenancy at that property.
You can read our full guide on how much a rent guarantor service costs if you want to compare how pricing normally works.
Is the fee refundable if the tenancy does not go ahead?
Always check when the guarantor fee becomes non-refundable.
This matters because sometimes a tenancy falls through.
The landlord may choose another tenant, your plans may change, referencing could uncover another issue, or the landlord may decide they do not want to accept the provider after all.
Ask what happens in each situation before you pay.
At Rentmigo, once your tenancy starts and we have officially taken on the role of your guarantor, the fee becomes non-refundable.
Before that point, make sure you understand exactly what you are committing to.
How long does the guarantee last?
Check how long the guarantee lasts because some providers only cover you for one year. This can make a big difference to the overall cost.
A cheaper first-year price may look good initially, but if you need to pay the same amount again twelve months later, it could become much more expensive.
Ask whether the guarantee lasts:
- One year
- The entire tenancy
- Until you move
- For a fixed maximum period
You should also ask what happens if the rent increases or your tenancy changes.
At Rentmigo, one fee covers up to three years at the same property. If you move elsewhere, you need to apply again because the new property, rent and landlord all need to be assessed.
What does the guarantee actually cover?
Do not assume every guarantor company guarantees exactly the same things.
The main purpose is usually to protect the landlord if rent is missed, but the terms can vary.
Ask:
- How much unpaid rent is covered?
- Is there a maximum amount?
- Does it cover the full tenancy?
- Are there any exclusions?
- What does the landlord need to do if rent is missed?
This is not just important for you. Your landlord will also want to understand what they are accepting.
A clear guarantee can make them feel much more comfortable using a professional provider, especially if they have never worked with one before.
What happens if I miss a rent payment?
If a guarantor company pays your landlord on your behalf, you normally still owe that money.
This is something worth understanding before you sign up.
A professional guarantor protects the landlord, it does not make your rent disappear if you cannot pay. If the company covers a missed payment, it may then recover that money from you.
So ask:
- What happens after a missed payment?
- When is the landlord paid?
- How does the company contact me?
- How do I repay the money?
- Can repayments be spread out?
- Are there any extra charges?
You hopefully never need to use this part of the service. But if you do, you want to already know how it works.
How quickly can I get approved for a professional guarantor?
Ask how fast the company can approve your application, especially if you have already found a property.
Renting can move very quickly.
That is especially true in places like London, where landlords may have several tenants interested in the same home. You do not want your guarantor application to hold everything up.
At Rentmigo, most tenants can complete the application itself in around five to ten minutes.
We then review your information, check affordability and complete our checks before making a decision.
If you want to understand the likely timeline, read our guide on how fast you can get approved for a professional rent guarantor.
Already found a property?
What documents will I need to apply for a professional guarantor?
A guarantor company will normally ask for information showing who you are and how you plan to pay the rent.
You may need:
- Photo ID
- Bank statements
- Employment information
- Payslips
- Student finance details
- Scholarship or bursary evidence
- Proof of savings
- Details of your tenancy
It is worth asking whether the provider can deal with your particular financial situation.
For example, can they accept overseas bank statements? Can they look at more than one source of income? Can students use a mixture of loans, family support and savings? Can freelancers show income from several clients?
At Rentmigo, applicants can use different sources of income together, including salary, self-employment income, student loans, scholarships, family support and savings.
Does the professional guarantor company work with people in my situation?
Make sure the guarantor company regularly works with renters like you.
This matters especially if you are new to the UK.
Professional guarantor services are often used by:
- International students
- Expats
- Freelancers
- Self-employed renters
- People without UK credit history
- Tenants earning income overseas
If you are an international student, check whether the provider understands student finance, scholarships and overseas family support.
You may also want to read our guide on rent guarantors for international students.
If you are moving to the UK for work, check whether the company can consider foreign income and overseas financial records.
Our rent guarantor service for expat workers is designed for exactly this situation.
What do other tenants say about the company?
Reviews can tell you a lot about what the service is actually like to use.
Do not just look at the overall star rating - read the comments too.
Look for people talking about:
- How quickly they were approved
- Whether the landlord accepted the guarantee
- How helpful support was
- Whether pricing was clearly explained
- Whether the application was easy
- Whether unexpected fees appeared
One bad review does not necessarily mean much, but if lots of tenants are complaining about the same thing, pay attention.
You are trusting the company with an important part of securing your home, so it is worth spending ten minutes seeing what previous customers say.
Can I get help if I have questions?
A good guarantor company should be able to answer your questions before you pay.
If you do not understand something, ask.
You should feel clear on:
- The fee
- What is covered
- How long the guarantee lasts
- What happens if you miss rent
- When the agreement begins
- When the fee becomes non-refundable
This also matters if your landlord has questions.
Sometimes landlords are unfamiliar with professional guarantors and want somebody to explain how the service works.
If the company cannot give you clear answers before you become a customer, it may be worth looking elsewhere.
So, what should you ask before choosing a guarantor company?
Before choosing a guarantor company, make sure you understand exactly what the service costs, how long it lasts and whether your landlord will accept it.
You should also find out what happens if the tenancy falls through or you miss a rent payment. And most importantly, check that the company actually works with renters in your situation.
The right provider for an international student may not necessarily be the same as the right provider for a self-employed professional or someone relocating to the UK for work.
Professional guarantor services can make renting much easier when you do not have someone suitable in the UK.
You just need to choose the right one.
If you need a professional rent guarantor, Rentmigo helps international students, expats, freelancers and other tenants who can afford the rent but do not have a traditional UK guarantor.
Apply to Rentmigo today and see if we can help you secure your next home.
