One for Clutton and others......

franklee

Well I don't pass the employers checks but do pass the credit checks so always offer to pay the first six months upfront. I have savings as my income is erratic. Why savings are considered suspicious is beyond me, is saving really that out of fashion? I would be worried if I didn't have at least a years living costs put by, or significantly more. I just explain I'm freelance with erratic income, you can have the dosh up front, never been a problem. In all my time renting I've never been late paying the rent, not even by so much as a day. Never had any complaints on inspections either. Never had any deductions from my deposit that one email didn't sort to get full deposit back. So cash up front isn't necessarily bad news.

poppy10_2

Gorgeous_George wrote: »

I'd prefer somebody who could pass a credit check and I would be suspicious of anyone who failed but could afford 6-months' rent up front.

I failed credit checks on my last two rental properties, as I was a junior doctor and therefore change jobs every 6 months, which the computer didn't like. Paying 6 months up front on the first property got me a reasonable discount on the rent, and gave the LL some security, so it was a win-win.

PasturesNew

I paid 6 months up front. I have no job, I am self-supporting with no books whatsoever, I just fill out the tax return yearly and send a cheque off. I had no idea how I'd do on a credit check - but I did fail one when I moved in here and wanted Virgin Media broadband (I think it's because I was not on the electoral roll, which I couldn't be as I'd just moved in, but I really have no idea why).

I wouldn't have been able to find a guarantor at all. My retired parents wouldn't have done, my sisters would have refused (on the basis that needing one sounds to them like I'm hiding something) and I have no friends who would qualify or do it.

Private renting is really difficult isn't it, if you don't fit "the norm".

So, I paid 6 months' rent up front and was lucky to find a LL that felt that was acceptable - and lucky enough to have a LL that wasn't about to be repossessed

sooz

franklee wrote: »

Well I don't pass the employers checks but do pass the credit checks so always offer to pay the first six months upfront. I have savings as my income is erratic. Why savings are considered suspicious is beyond me, is saving really that out of fashion?

I don't think savings are unfashionable. As I said earlier, for me it would depend on the rent, & the reasons for failing the credit check.

It could be something as simple as not being on the electoral roll, having just started a new job, having taken a sabbatical or been travelling for a year or more, or being recently self employed & not having 3 years of accounts checked by a certified accountant. In any of these cases, I would not be in the least concerned about a tenant having a significant amount of savings to be able to pay 6 month's rent upfront.

If 6 months rent was under £3 -£4,000, I also would not be concerned.

But, I would be concerned if the reason for failing the credit check was debts, ccjs, etc, & yet they could provide £7 - £14,000 or more upfront - wouldn't you?

And if it's a large man who looks like a bouncer, or young girl in sliver hotpants & white stillettos, offering you this in cash....:eek:

mizzbiz

It's really, really sad that people can't even get a rental property to live in because they had financial problems in the past. When I was at university I had some terrible financial problems and got into some real trouble, which i'm still suffering for now. However, I now earn 30k pa and am probably the best payer my landlord has had.

Circumstances change. I know it's a risk for you from a financial perspective, but it's so hard on people that have in the past got into difficulties but are fine now, although I know this is difficult to prove.

mizzbiz

poppy10 wrote: »

I failed credit checks on my last two rental properties, as I was a junior doctor and therefore change jobs every 6 months, which the computer didn't like.

Yes, computer always says 'no' when you don't fit in the box!

silvercar

If you rule out everyone with the slightest credit problems, you rule out a lot of your potential market.

tbs624

franklee wrote: »

Well I don't pass the employers checks but do pass the credit checks so always offer to pay the first six months upfront. I have savings as my income is erratic. Why savings are considered suspicious is beyond me, is saving really that out of fashion? I would be worried if I didn't have at least a years living costs put by, or significantly more. I just explain I'm freelance with erratic income, you can have the dosh up front, never been a problem. In all my time renting I've never been late paying the rent, not even by so much as a day. Never had any complaints on inspections either. Never had any deductions from my deposit that one email didn't sort to get full deposit back. So cash up front isn't necessarily bad news.

Obviously each potential tenant's circumstances are individual to them, and your LL is clearly lucky to have you as a tenant Franklee. Unfortunately whatever checks are run a LL can face difficulties of one sort or another - although this is an extreme example, here's a charmer who paid up front & was "checked out" (sort of) http://www.guardian.co.uk/money/2005/dec/17/scamsandfraud.moneysupplement
and here's good reason for *tenants* not wanting to pay rent upfront: http://www.northeastfraudforum.co.uk/rent-scam.asp

mchale

Interesting thread, it amazes me how many landlords seem to have complete faith in credit checks & reference's. with regard to reference's, if you are a landlord & have a bad tenant who is considering leaving your property, are you going to give that tenant a poor reference, bearing in mind the tenant may stay in your property, as your problem tenant!!! I have always when renting my properties just taken a NI number, copy of driving licence/passprt, home address & l/line phone number and a parent as a gurantor. I always have my rent paid by postdated cheques only & I always google any potential tenants name (very useful) and for the past 25 years have not had any major issues.

clutton_2

i think you have to judge each applicant on their individual merit - i always tell prospective tenants that i will need them to fill in a tenancy application form, and the first months rent in advance, plus a further deposit of one months rent (or 1 1/2 months if they have pets) and £50 per person credit check/referencing/agreement fee

it is amazing how many applicant says "I'll get back to you" - and then dont

i then trust my gut instinct when the results come back - you have to take each family's circumstances as they are brought to you

i personally am looking for a rental for me at the mo - and have produced bank statements and accounts for 2 years - so i kind of know now what i put my tenants thru !

what i have learnt over the years, is DONT think about the rent - if your gut instinct about a person is saying "dont" then dont (even if you dont know why) - i'd rather have an empty house for a few weeks than a duff tenant who can wear you out with stress and bills