Who can be a guarantor?
A guarantor can be a relative, employer, associate or anyone who is financially sound and has strong credit. Many landlords require the guarantor to live in the tri-state area meaning NY, NJ or Connecticut. If an applicant is required to show an annual income of 40-50 times the monthly rent, a guarantor is required to show an annual income of 80-100 times the monthly rent. The documents required for the guarantor are similar to those required for applicants.
Your guarantor can be anyone over 23 who is a UK homeowner with a take home income over £800 and a good credit history. They could be a friend, family member, neighbour, colleague or anyone else willing to back the application. The reason we lend money in this way is because we believe that a customer’s friends and family know them better than a credit scoring system ever could and therefore they are the best people to decide if we should lend your client money.
A guarantor does not have to be a relative. Many landlords require the guarantor to live in the Tri-State area; New York, New Jersey or Connecticut. Try to prepare your potential guarantor by speaking with them and advising them of what they will be asked for. You might have to act quickly and their cooperation may be critical for your approval. A guarantor needs to fill out an application form and provide the required documents. The requirements are usually good credit and double the income requirements of an applicant. If an applicant is required to show an annual income of 40-50 times the monthly rent, a guarantor is required to show annual income of 80-100 times the monthly rent. Guarantors usually do not have to be present at lease signing, but these signatures must be notarized.
A guarantor does not have to be a relative. Many landlords require the guarantor to live in the Tri-State area; New York, New Jersey or Connecticut. Try to prepare your potential guarantor by speaking with them and advising them of what they will be asked for. You might have to act quickly and their cooperation may be critical for your approval. A guarantor needs to fill out an application form and provide the required documents. The requirements are usually good credit and double the income requirements of an applicant. If an applicant is required to show an annual income of 40-50 times the monthly rent, a guarantor is required to show annual income of 80-100 times the monthly rent. The documents required are similar though usually all that is needed are proof of income (usually by providing tax returns) and a credit report. Guarantors usually do not have to be present at lease signing. Renting an apartment in Manhattan is an experience that can be stressful and frustrating if you are
The lady who treated your cocker spaniel for ringworm can be (veterinarians are on the list). The guy who rescued Fluffy from the giant oak tree in your backyard cannot (firemen: not on the list). Larry O’Brien can be (mayors are on the list). Alex Cullen cannot (sorry, a mere city councillor won’t do). According to Ms. Charbonneau, two criteria have historically been used to select professionals worthy of spots on the guarantor list. First, they should be reasonably easy for passport applicants to contact. (This is, perhaps, why carnival workers are absent from the list.) Second, they should belong to a professional body with a membership list so that Passport Canada can confirm they, too, are who they say they are. (Otherwise, guarantors might require guarantors to guarantee their guarantor eligibility … ) A complete list of eligble guarantors can be found on Passport Canada’s website (www.ppt.gc.ca/can/guarantor.aspx?lang=e). Ms. Zimmer says she’s been contacted by the Passport Of
