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To be an acceptable Guarantor an individual must:

• Be a U.K. or I.O.M. resident (NOTE: Residents of the Channel Islands, Eire and foreign residents ARE NOT ACCEPTABLE)
• Have an acceptable Tenancy Application Score
• Have a good credit history with no bankruptcy, IVAs, County Court Judgments or Court Decrees (Scotland)
• Have a monthly income of at least 3 x the monthly rent in order to cover personal out-goings and the rent (e.g. £500 rent, minimum income required £18,000).

If the Guarantor does not have a regular monthly income, you will need to supply proof of fi nancial strength by providing copies of bank or building society statements demonstrating that the account has, for a period of not less than six months preceding the application, maintained a credit balance in excess of the example detailed below. Sufficient funds must be available to cover the full rental period, equal to 3 x the rent due for the period of the tenancy. (e.g. Rent £500 for a 6 month tenancy = £3000 x 3 multiple = £9,000 of accessible funds available from the guarantor).

If we request a Guarantor in support of an individual applicant, the first Guarantor will be assessed free of charge (with the exception of Credit Profile Plus where guarantors will be charged at the same rate as applicants). If the first guarantor fails then any subsequent guarantor applications will be charged at the current rate for an assessment. If you submit a guarantor application before we request it and it is NOT required, you will be charged at the current rate for an assessment.

An applicant may require a Guarantor due to:

• A poor credit history
• Low income
• Less than 6 months continuous employment.

Unless there is a legally enforceable guarantee, there will be no legal grounds to pursue the guarantor if the tenant defaults (this could invalidate an insurance claim for Rent Guarantee or Legal Expenses).