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Renting, And BR

Hi All,

Just wondered if anyone could give a little advice. We are going to go BR, we own our house and haven't paid the mortgage for 2 months, My parents have been really good and offered to put down a bond and months rent for a rented house for us.

I'm going to look a couple on monday through an agent. Obviously i'm not BR yet, as we're not sure what best course to take is, get our into rented and leave house and go Br or wait for repossession order then go br.

My query is really should i tell the agent i have my own house but due to financial circumstance's i am going to go BR?

Or do i just say i have a house and its being sold. As i don't think i will pass a credit check as i was in a debt plan for my unsecured debt, the mortgage as always been paid on time up to 2 months ago.

I'm a bit confused really of what to say or do?

Thanks:eek:
«1345

Comments

  • If you tell the agent then you will probably have to trump up 6 months rent in advance as the deposit.

    If you are not bankrupt at the moment why tell him!! The agent however will credit check you!
    Of all the things I have lost I miss my mind the most
  • maliah
    maliah Posts: 90 Forumite
    ok thanks,

    My dad said he would sign guarantor for us, but don't the OR tell the agents once you've gone BR?
    thanks
  • Merry_Gentry
    Merry_Gentry Posts: 3,627 Forumite
    Better to be honest, then it's not going to come back and bite you on the butt. We explained to our letting agents that although we weren't as yet, we were going BR. A couple of them turned us down, but a few weren't bothered, especially as we had a guarantor.

    It meant when the OR asked for our tenancy agreement, there was no sweating as to whether they would tell our LL or not.

    It was a slightly different story when I had to move out of the rented house, and get another place. I was initially looking at six months rent in advance, but in the end the LL accepted a guarantor and all has been fine.

    Honesty is the best policy, but that's just my view.
    Get free advice before embarking on bankruptcy: CCCS 0800 138 1111 National Debtline 0808 808 4000
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  • maliah
    maliah Posts: 90 Forumite
    Thanks MG,

    Your probably right, i think i'll just say that we are in negative equity and the house won't sell and like many people we are going to file for bankruptcy.

    My dad will gurantor anyway, and my DH rented with this agent years ago. My big worry was just that we are moving to a small town and the agents we are viewing with basically are the one;s that rent all the properties there, just worried about burning our bridges.

    Thanks
  • Maliah,

    I am so glad you have asked this question - my husband and I are in exactly the same situation and have today been turned down by a landlord for having CCJ's on our credit check.
    Very embarrasing and although we told the agents there would be problems with the credit check we didn't give details.
    I'm just worried that if we are upfront and admit our planned bankrptcy we won't stand a chance of getting anything. Worried to death that we'll all be homeless when the mortgage company eventually reposess (with NR and 2 months behind with payments now so its only a matter of time)
    Would love to hear if you have any success and how you end up playing it with the agents
  • I'm extremely worried about this too as we are in the exact same position. Worried my family and I will be out on the streets!!!
    I cant change the past, but the future is mine to play with!

    No 3 February 2009 Club
  • Honesty is the best policy,
    but check all agents....my home has been repo (23 dec) Belvoir wanted 6 months rent but a couple of others just wanted 6 weeks plus guarantor.
    Take care if guarantor is not local then you need to arrange signing of tenancy agreement.Also there is as an extra cost as G. is considered a tenant.



    Sandy

    XX
    It's not the mickle that mak's the muckle
    :j BSC 166:j
    BR 25th June 2008
    Discharge 25th June 2009
  • silou
    silou Posts: 88 Forumite
    My experience has been that it's not the individual agents who have different criteria but the actual landlords. We've seen a couple of places with the same agent and each time they've had to go back to the landlord and explain our situation to see if they would accept us. We thought we'd found somewhere until at the last hurdle the landlords insurers would only cover if the tenant had a glowing credit reference (which I obviously don't) so despite the fact that the agent was Ok with our situation and initially so was the landlord it still didn't work out and we lost 105 pounds on credit checks for us and our gaurantors. So my advice would be to be honest about your situation but try and get the agent to check that it won't cause any problmes before you hand over any money.
  • timb842
    timb842 Posts: 17 Forumite
    I am waiting to find out if I have secured an offer on a place I am looking to rent. The house I own is with my ex and have a DMP and there are arears on the mortgage, so I wont have a good credit report. I am going to have to tell them that I wont score well, but am not going to say about going BR or that I will VOL REPO.
  • m4ndd
    m4ndd Posts: 36 Forumite
    Hi

    Same situation for me.

    Applied for renting through Belvoir when had missed 1 mortgage payment. We did have Trust Deeds, husband and I, which we told agent about and explained we had bad credit records. Due to this he suggested 6 months rent up front or a guarantor. My mum agreed to do this and filled in all the forms. In the end we passed the Experian credit scoring ok and didn't need to use a guarantor which still amazes me!! Agent didn't ask any questions about why we were leaving our own home so we didn't say that we could go BR.

    Signed the lease and there is a clause in it about BR that says the LL reserves the right to end the tenancy but it is at their discretion. I will take my chances. By the time BR happens we will have paid decent amount of rent and they will see we are good tenants. Luckily our rental was empty a while and LL had emigrated so desperate to fill it. Got our keys yesterday.

    Good luck....remember other option is to rent privately.Check out the ads in your local papers.

    Amanda
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