Housing Hand has launched a new pre-approved guarantor service aimed at speeding up the student lettings process and reducing the number of rental applications that fail due to guarantor issues.
The new Guarantor Passport allows prospective student tenants to secure approval for a guarantor before they begin searching for accommodation, providing landlords and letting agents with greater confidence that applicants are ready to proceed.
Housing Hand says the service addresses a long-standing gap in the rental journey, where students often find a property before discovering they cannot meet a landlord’s guarantor requirements.
The company believes the new system could help reduce delays, speed up transactions and lower the risk of applications falling through during the referencing process.
LIABILITY LIMIT
Operating in a similar way to a mortgage agreement in principle, the Guarantor Passport confirms that a student has been pre-approved for Housing Hand’s guarantor service up to a specified monthly rent level and annual liability limit.
Students can apply without identifying a specific property, allowing approval to be secured before accommodation is found.
Following identity verification checks, successful applicants receive a digital certificate stored within their phone wallet, which can be presented to landlords, letting agents and accommodation providers during the application process.
The Guarantor Passport remains valid for up to three years, provided identification documents remain current, and can be obtained as early as two years before a tenancy begins.
MISSING LINK
James Maguire (main picture), Sales and Business Development Director at Housing Hand, says: “Currently, there’s a missing link between sourcing accommodation and finding a guarantor.
“The traditional journey is for a student renter to find a property they want, then face delays and confusion as they seek a guarantor, as most accommodation providers won’t allow them to apply without their guarantor details. Guarantor Passport solves that pain point and provides letting agent, accommodation provider and renter alike with a smoother, faster process.”
Housing Hand said the service could help landlords reduce void periods by ensuring prospective tenants are better prepared before entering the application process.
The company also believes letting agents will benefit from dealing with pre-qualified applicants, reducing time spent progressing applications that later fail because of guarantor issues.
ELIMINATE VOID PERIODS
Maguire adds: “We’re calling time on outdated rental processes that lead to delays and distress.
“It removes the pain of renters being rejected from rental properties mid-way through the application process and stamps out unnecessary delays in the rental journey that result in longer void periods for landlords.
“The Guarantor Passport also provides letting agents with pre-qualified prospects for their landlords, ensuring time isn’t lost to applications that fall through due to guarantor issues.”
