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Renting & Income Question!
jimpix12
Posts: 1,095 Forumite
Hi all 
I'm in a rented apartment at the moment and am looking to move onto a bigger place. Buying a house is out of the question so back into rented I go. I've found a great house and got the referencing forms etc, but noticed that I need to have an income 2.5x the size of the annual rent. I am easily within this but being self-employed my SA records do not reflect this (yet). I don't intend to file until Jan. My income has gone up quite a bit this tax year, last tax year I was below the 2.5x income.
What I was thinking of doing is paying 6 months rent in advance, moving in asap and then doing the referencing etc 6 months from now, when I'll have records for the new tax year. Do landlords or letting agents ever take 6 months rent in advance? Or alternatively could I pay a deposit and lower the rent (I.e. put down money and thus monthly rent payments are lower - confusing!) It's a national EA so presumably safeguards apply etc.
I could just wait until Jan but am too impatient.
Any advise welcomed.
I'm in a rented apartment at the moment and am looking to move onto a bigger place. Buying a house is out of the question so back into rented I go. I've found a great house and got the referencing forms etc, but noticed that I need to have an income 2.5x the size of the annual rent. I am easily within this but being self-employed my SA records do not reflect this (yet). I don't intend to file until Jan. My income has gone up quite a bit this tax year, last tax year I was below the 2.5x income.
What I was thinking of doing is paying 6 months rent in advance, moving in asap and then doing the referencing etc 6 months from now, when I'll have records for the new tax year. Do landlords or letting agents ever take 6 months rent in advance? Or alternatively could I pay a deposit and lower the rent (I.e. put down money and thus monthly rent payments are lower - confusing!) It's a national EA so presumably safeguards apply etc.
I could just wait until Jan but am too impatient.
Any advise welcomed.
"The only man who makes money from a gold rush is the one selling the shovels..."
0
Comments
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You will have to speak to the letting agent. Some will accept 6 months rent in advance, some will insist you meet the income requirements or they won't let to you at all, some will rent to you but insist that you have a guarantor.I'm a retired employment solicitor. Hopefully some of my comments might be useful, but they are only my opinion and not intended as legal advice.0
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