Credit checks when renting with a friend

lea

Hello

My credit rating is less than perfect since my husband and I split a year ago. We are in the process of selling our jointly owned home, and have both been living in separate rented houses for the last 9 months or so.

I am hoping to move in with a friend and we have been viewing properties. I was wondering, when moving in with someone who is not your partner or in your family, how they do the credit check and also what they take into consideration?

When my house sale goes through (in the next few weeks, fingers crossed) all my credit cards will be paid off and the accounts closed. However, in the recent past I have missed payments due to just not being able to afford that, my rent, and my share of the £700 mortgage. I did write to all the companies and explain the situation and advise them they will be paid off as soon as house sale goes through.

I have never missed a mortgage or rent payment though.

Am I likely to fail my credit check? And if so, will they just take it on my friend's credit check?

Many Thanks
Lea

lea

Well I have bitten the bullet and paid the £166.75 credit check fee for us, just got to keep our fingers crossed that it goes through!!

scott567

when i worked for an agent, they checked to see if you had any adverse credit rather than a scoring you. So the only time anyone failed was if they had a CCJ or similar. although there are obviuously different methods applied by different agencies though. We also worked out affordability in house, e.g. not more than 40% of monthly income.

if you fail, but your friends income is enough for the affordability, it could still go through

mustrum_ridcully

£166! Do you get a refund if you fail the credit check? Do you get a free credit check on your LL? Do they accept a credit report from experian that you got done yourself for £5.

No to all 3 I bet!

F**k me but the certain elements of the rental sector need a real kick up the back side!

simple2rent

£166 is a crazy price ... online letting agent /landlord checks cost less than £10 (credit check services .co. uk).

You can get a personal report from Experian as mustrum says, that has more details than the information which can be seen by landlords / letting agents.

If your concern is about credit rating for buying a house, then you need to look at your "credit score" from experian. If you have a low score (missed or late payments will lower your score) then some lenders will not give you a mortgage in the current climate.