Ever an innovator in the rental services sector, Housing Hand has revealed its latest new service: Guarantor Passport®, available to student renters before they find a property.
Housing Hand’s Guarantor Passport® operates in a similar manner to a mortgage in principle, showing letting agents, landlords and other accommodation providers that the individual has their guarantor lined up, ready for a swift and seamless rental process.
James Maguire, Sales and Business Development Director at Housing Hand, explains: “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.”
Guarantor Passport® works by removing the requirement for the renter to provide the address of the property they want to rent. Instead, the individual undergoes an identity verification check using Housing Hand’s best-in-class Know Your Customer process. They then receive a digital certificate directly into their phone wallet confirming their eligibility for Housing Hand’s guarantor service up to a specific amount in monthly rent and up to a total liability of £50,000 per annum. This enables students to apply for guarantor pre-approval at a much earlier stage in the letting process – up to two years before they find a rental home, with the Guarantor Passport® remaining valid for three years (provided the student’s ID is still in date).
The Guarantor Passport® supports a smoother letting journey with fewer delays and less potential for the rental transaction to fall through. It’s provided at no extra cost to Housing Hand’s standard guarantor service, with an onboarding fee to the renter of just £20. When the renter finds a property, they simply complete the final guarantor application by providing Housing Hand with details of their tenancy, proof of study, co-signer and subscription payment. To make it more affordable and convenient for renters, payment for the guarantor is only due once the tenancy commences.
The Guarantor Passport® continues Housing Hand’s leading role in the UK guarantor market. It dovetails with its existing House Finder service, which offers renters free access to a network of accommodation providers and landlords (who in turn benefit from access to pre-qualified renters at a fraction of the cost of traditional processes).
Renters who obtain the Guarantor Passport®, even if they don’t take it forward to become a Housing Hand guarantee, can still access other Housing Hand services, such as its health and wellbeing support. These services remain available to renters even after a tenancy is finished or a guarantee is no longer required.
Housing Hand’s James Maguire continues: “We’re calling time on outdated rental processes that lead to delays and distress. We’ve designed the Guarantor Passport to deliver benefits that span the entire rental transaction.
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. It’s a win for all parties in the rental transaction.”
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