Transfer rental guarantee to bank deposit possible?

Accomodation, House and Garden
1
Is it possible to cancel an annual rental guarantee and then at the anniversary of the rent agreement open a bank guarantee account?

I'm starting a new tenancy 1 June, but because of travel won't have a correspondence address to open a bank account guarantee. So I will need to get a rental guarantee.

Given that they're expensive, I don't really want to use the rent guarantee arrangement for longer than I have to.

2
In short yes. You'll have to observe both the terms of the guarantor and the landlord, who will want a the bank guarantee in place before he releases you from the private guarantee. The guarantor will also need both you and the landlord to confirm there are no claims due.

The advantage of the rental guarantee is it saves you the hassle of both parties having to open, and then close, the "bank caution" account, and it also saves you having to put up the full deposit amount.

Personally, considering the low annual charge I'd leave the guarantee in place and save all the hassle.