International students renting private sector needing to rent accommodation are asked to provide a suitable credit-worthy guarantor who is a UK resident and pay large fees for credit referencing. If they are unable to, or do not wish to, they will be asked to pay most if not all of the rent in advance or be declined a lease agreement.
What if the Universities that attract you to the UK could act as your guarantors enabling so you could pay your rent monthly? YourGuarantor offers this facility to UK universities. The University of Essex are the first university to join and so they can now act as UK rent guarantor for their international students.
Christopher Oldham, Director of Campus Service, says: “At the University of Essex we are committed to providing the best possible experience for our international students. We recognise the difficulty if they are asked to pay their full rent in advance so we are delighted to be able to help our students with the YourGuarantor service.”
The service provides protection, in the form of an insurance policy, to the university in the event a student defaults on their rent. Each guarantee that is provided by the university is added to the insurance policy to ensure that the university is fully protected. The premium for the insurance policy is covered by the fee paid by the students who sign up. The YourGuarantor ’s platform handles 90% of the administration process.
Darren Baker, Strategic Planning Manager of Campus Services, says: “Our partnership provides us with the surety we need to be able to act as UK rent guarantor for our international students. This issue has been long standing and I’m sure our international students will benefit greatly from this new service.”