Housing Hand provide the UK’s only guarantor service for students and professionals both domestic and international, who may, for various reasons, fail to provide a qualifying UK guarantor. Without a suitable UK guarantor, letting agents may be required to ask tenants to provide 6-12 months rent in advance to secure the rental property and even if they do so, the tenant may still be required to provide a guarantor.
The benefits of using Housing Hand
The issue of a qualifying guarantor is an issue for both accommodation providers and tenants alike, acting as a barrier to rent. By using Housing Hand, tenants are able to qualify for the property they desire and pay their rent monthly or in instalments, just as a tenant with a guarantor would. Accommodation providers in turn have the advantage of increasing the number of qualifying tenants by accessing a larger pool of creditworthy applicants, both internationals and those that cannot pass credit checks. For letting agents this means the opportunity for higher occupancy rates, fewer fall-through cases where a potential guarantor fails referencing and greater security for all when rent arrears occur.
Letting agents and landlords have the advantage of completely eliminating the risk of rent loss as using Housing Hand as guarantor ensures that all payments will be paid. In the event a tenant defaults, Housing Hand pays out on their behalf within 28 days of the receipt of the invoice. We then set up an interest free repayment plan to suit the tenant, saving them the stress and financial risk of taking out loans to cover rental debt.
Whether tenants can provide a qualifying guarantor or not, Housing Hand is the safest option for accommodation providers as we have over 4.5 years of proven default payments including damages, dilapidation and joint liability.