What happens when you cancel depends on how far your application has progressed. Find the stage below that matches your situation.
There are two separate charges to keep in mind:
£10 Application Fee: a one-time fee charged to most (not all) applicants during the application step. It is non-refundable in all circumstances, including on cancellation.
Guarantor Service Fee: the main fee for the guarantee itself. Whether any of it is refunded depends on your stage.
Any refund of the Guarantor Service Fee is paid back to your original payment method.
Stage 1: Before you submit your application
You haven't been charged the Guarantor Service Fee, so there's nothing to refund. You can simply leave the application. No action is needed.
Stage 2: After submitting, but before the Guarantee Agreement has been signed by all parties
You'll receive a full refund of any Guarantor Service Fee you have paid.
Also:
Your account will be marked as dormant.
No cancellation certificate is issued. Certificates are only issued once a guarantee is active.
Your Guarantor Pass stays valid on your account for up to a year, so you can pick up where you left off without starting again.
Stage 3: Within 14 days of signing, before your tenancy begins
You have a right to cancel within 14 days, starting the day after the last party signs the agreement.
If your tenancy hasn't begun yet, the guarantee ends immediately. We'll refund the Guarantor Service Fee in full and let your landlord know the guarantee has been cancelled.
Stage 4: Within 14 days of signing, after your tenancy has begun
By going ahead with the agreement, you asked for the guarantee to start at the beginning of your tenancy, so you pay for the cover you've received. If you cancel:
We'll tell your landlord and ask whether they agree to release us from the guarantee. For example, they might accept a replacement guarantor.
If your landlord agrees, the guarantee ends on the date of release. We keep the part of the Guarantor Service Fee that covers the time the guarantee was in place, worked out month by month, and refund the rest within 14 days of cancellation.
If your landlord doesn't agree, the guarantee stays in place for your landlord, and any remaining fee instalments are still payable.
Stage 5: After the 14-day cancellation period
After the 14-day period, you can no longer cancel the agreement. The guarantee stays in place until your tenancy ends, which is when:
your landlord accepts a surrender of the tenancy,
a possession order takes effect,
a valid notice expires and you move out, or
the tenancy expires and isn't renewed.
How to cancel
Email [email protected]