Needing a rent guarantor is quite common practice in Ireland. Guarantors are usually asked for by landlords who want to be sure that they will be receiving their monthly rent payments regularly. Whether you’re a first time tenant or an international student, getting a guarantor is must for living in Ireland. Read on to find out what a guarantor is and how to get one!
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What Is a Rent Guarantor in Ireland?
A guarantor in Ireland is someone who will pay your rent if you are unable to pay in a given month. A guarantor will usually be either a parent, close relative, or someone you know who will make the rent payments if for some reason you fall short one month.
A guarantor enters into a guarantee agreement with your landlord, agreeing to pay a certain amount when the agreement is triggered. A guarantee agreement is a legally binding contract between the landlord and the guarantor and is part of the tenancy agreement, so you have to be careful to read it carefully before signing.
Needing a guarantor is quite common in Ireland but you usually do not need one if you have a good credit score and a regular income - usually 3 months of payslips. Some landlords might require a guarantor and will usually advertise it on rental websites when you go looking.
However, there are circumstances where landlords might require some extra assurance that they will get the rent payments every month. This often applies if:
In addition, if you’re on a Rent to Buy scheme, having a guarantor might make you feel more secure that you’ll be able to save up for your mortgage deposit.
Who Can Be a Guarantor?
People who can be a guarantor normally are a parent, close relative, or someone who you know and trust who will be liable for your rent if you run into problems. Often, someone who can be a guarantor will need to have a good credit score or sufficient savings to prove they can pay your rent if you get into arrears.
The standard requirements for being a guarantor are:
Irish resident
18 or older
Good credit history
Own your own home
How Much Does a Guarantor Have To Earn?
There’s no set amount regarding how much a guarantor has to earn, however a landlord will likely pick who can be a guarantor based on their income as well as credit score. The ideal guarantor will be someone who has a steady income and the means to pay your rent if you fall short.
Can a landlord carry out credit checks? A landlord could carry out credit checks on a guarantor to make sure they are in the financial position to guarantee the rent. They can also ask for financial statements or proof of income of your guarantor to make sure.
Does a Guarantor Need To Live in Ireland?
For legal issues - in the case that the guarantor fails to pay, for example - a landlord will need your guarantor to be an Irish resident. Not only does this assure the landlord that they can take your guarantor to court if need be, but also they can also be sure that the guarantor has a good Irish credit history.
If you’re an international student who is moving to Ireland to study, this could be a problem if your landlord asks for a guarantor. In this case, you might be asked either to provide rent up front, or you might need to ask your university or education centre for help.
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What Is a Guarantor Liable for?
What your guarantor will have to pay and when will depend on the guarantee agreement that is signed. Your guarantor should read the agreement carefully before signing as it might contain circumstances that you might catch you out later on down the line.
Failures To Pay and Damages
The most common conditions that trigger the guarantee agreement are when you fail to pay your rent and if there are any damages. According to the agreement, the guarantor must pay either the full rent or what is being asked for the damages when the landlord triggers the agreement.
A guarantee agreement is legally binding! If both you and your guarantor fail to pay the amount due, your landlord can take you both to court for violating the agreement. Make sure you’ve read through the agreement thoroughly and only sign it if you know you can pay.
What About a Shared Accommodation?
If you are going to be living in shared accommodation and just renting one room, it is often the case that guarantee agreements apply to the whole rent rather than just the portion you are responsible for. In this case, if one of your roommates fails to pay the rent, your guarantor would be liable to pay that portion of the rent. This can also include damages that aren’t your fault.
Your guarantor should discuss the terms of the guarantee agreement with your landlord to try and negotiate a change so they are only responsible for rent failures and damages caused by you.
How Can I Get a Guarantor in Ireland
Depending on your circumstances, you can usually get a guarantor through either asking a relative (usually your parent) or you can look for guarantor services online. Relatives are normally your best bet if you are a domestic student, however if you’re an international student you should search for a guarantor online before you move.
What If I Can’t Get a Guarantor?
If you’re in a situation where you cannot find a guarantor, your landlord might ask for an upfront payment of the rent. This can range from 6 to 12 months’ worth of rent that is usually a lot to pay, especially if you’re a student. Fortunately there is help available if you can’t find a guarantor.
If You’re Unemployed
If you’re unemployed, there are some programmes available to renters to help you if you’re struggling to pay for the rent.
These programmes are available to people either on a temporary or a long-term basis. There are different rules and regulations regarding both these scheme, for instance, you are restricted on how much you can work on the Rent Supplement whereas the Housing Assistance Payment is to support people in social housing
If You’re a Student
If you're a student it is very unlikely that you won’t be able to find a guarantor, but your university or education centre will usually have support available if you’re having problems with renting. You will usually have available:
Rent Assistance schemes
Emergency and hardship funds
Support loans and grants
Lists of landlords who don’t ask for a guarantee agreement
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When Does a Guarantee Agreement Finish?
How long a guarantee agreement lasts will depend on the terms between your landlord and your guarantor. As a standard, a guarantee agreement lasts as long as the tenancy lasts, so even if the fixed term has finished, your guarantor will still be liable for as long as you are living at the property.
If there are major changes to the tenancy agreement - such as a rent increase or a renewed tenancy - unless it is specifically stated in the guarantee agreement, this will usually bring your guarantor’s obligations to an end. If your guarantor only wants to remain in the agreement for the fixed period, they can request this be written into the contract.
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