What is a Guarantor?
A guarantor is someone who agrees to pay the rent if the renter fails to do so.
Why do I need to do this?
If the renter fails to pay what is owed, the landlord/agent can ask you to pay instead. By agreeing to be a guarantor, we will need to reference you to ensure you are able to pay the rent if the renter does not.
What do I need to do?
You will need to complete referencing to a satisfactory standard. This will include a credit check, proving your income and confirming whether you rent or own your home. The landlord/agent may request further information such as an employment reference.
What is a Canopy RentPassport™?
A Canopy RentPassport™ is your digital referencing report.
Just like a renter, landlords/agents need to verify a guarantor's ability to pay the rent for the property the renter has applied for. This includes verifying your employment, income and ensuring that you are able to meet their rental payments. Instant tenant verification will speed up the rental application process for all.
How does a RentPassport™ work?
We use Experian and Open Banking to help you instantly complete the referencing process.
Experian based checks (Processing time: 1min-5min)
Soft credit check
Adverse Financial History (CCJs, IVA and Bankruptcy)
This can be completed instantly via Open Banking or verified within 48 hours using documents
You will be able to confirm if you are a homeowner or not
Provide a referee to supply a reference and confirm details around your employment.
I am a director, why do I need to select self employed?
It is not possible to be a director and also self-employed for the same company with the HMRC. Instead you’re both an owner and employee of your company, we recognise that technically you are employed by their company.
In order to take into account your dividends + salary, we require the same documents as a self employed person (Tax return, SA302, accountants)
Another reason we request you select self employed is due to the fact very many guarantors do not have a suitable referee to supply an employment reference. Selecting self employed will instantly complete the reference and the agent will be notified.