Letting agents expect you to prove your identity, show that you are reliable and that you can afford the rent. In order to show that you are the right tenant for a property, the following are the minimum requirements of passing referencing:
- Recent 3 month’s bank statements
- Recent 3 month’s pay slips
- Pass a credit check
- Pass right to rent immigration check
- Your combined income before tax will need to be 2.5x the rental amount.
Agents can ask for references from an employer or previous landlord.
You may be able to provider a guarantor if you fail credit checks, if you can’t prove your income or don’t have sufficient income. This is at the discretion of the agent. More on this below.
Starting new employment?
It may be that you are coming from abroad to start a new job and need accommodation ready for when you arrive. You may well even be relocating towns. You could even be getting your first job. To prove you will be able to afford the rent, you will need to provide your employment contract.
You will need to provide your recent accounts (SA302). Your accountant will be able to provide you with this.
Many tenants worry about passing credit checks however the majority do fine. It is unlikely that you have a CCJ on your name if you’ve not attended a court hearing before, although it may well be possible. If you fail a credit check, and the landlord is accepting, you may be able to provide a guarantor to help you work around this, or pay rent upfront.
A guarantor agrees to pay for rent or damages if the tenant fails to pay. You may need a guarantor if you:
- Fail a credit check
- Claim benefits
- Can’t prove your income
- Are a student
Usually people ask a parent, a family member or a friend can be their guarantor. The guarantor would then sign a guarantors agreement which is a legally binding contract. Their income would need to be 3X the rental amount. Or, if they are a homeowner or have a substantial amount of saving then this can be kept into consideration and is the discretion of the agent.
If you are unable to find a suitable guarantor, for a small fee, you may be able to apply for a company who is willing to be your guarantor. You can get more details of this by visiting www.housinghand.co.uk