Renting - Asking for Bank Statements

gjchester

SouthCoast wrote: »

My advice is to cut out the greedy, lazy, incompetent letting agents and deal direct with the landlord.

Our agent is the biggest in town, and we have no problems, but the point is we used them because we didn't want the hassle of dealing with the tenants at all.

If the tenant came directly to us with any issue we would not deal with it. It's not we don't care, just don't want the hassle, it's between them and the letting agent, thats why we pay the fully managed fee. Sure we lose by paying fee's on it, but then again we are not the ones getting phone calls at silly o'clock if a pipe goes.

DawnW

dlk wrote: »

I dont see a problem with this to be honest. If you were to apply for a loan or mortgage etc you'd expect to provide bank statements to help them assess your ability to pay the debt back. This seems fundamentally to be exactly the same whereby they are simply trying to ascertain your ability to pay the rent. From what you've said you'll have no problems with your bank statements as they'll be looking for evidence of financial difficulties such as returned payments or exceeding your overdraft limit etc.

I have never been asked for bank statements when applying for a loan or a mortgage

creaker

I'm in the process of applying for a new rental house. The rental agent wanted bank statements/utility bills going over the last 3 years and my two most recent payslips. I didn't mind giving them this, what I do mind is the ridiculously high "admin fee". It's £210 in total for the credit/reference check and to draw up the contract. And if for some reason we don't qualify for the house they get to keep the full amount. We did try looking in the papers for private landlords without agents but couldn't find any and all the rental agents seem to charge these crazy fees.
It's rather a rip off when the credit/reference check will probably take half an hour at most and the contract is most likely set up and you just fill in the blanks.

clutton_2

""I have never been asked for bank statements when applying for a loan or a mortgage

[EMAIL="abuse@moneysavingexpert.com?subject=Reporting post http://forums.moneysavingexpert.com/showpost.html?p=22494789"][/EMAIL] "

i think you will find that since the credit crunch lenders's criteria is much much more stringent than before as lenders have to be seen to be checking out if borrowers can afford the repayments

westv

creaker wrote: »

I'm in the process of applying for a new rental house. The rental agent wanted bank statements/utility bills going over the last 3 years and my two most recent payslips.

3 years?! I assume you mean months not years!

estelle123

I only paid 60.00 for ref done on my guarentor,and all other relevent paper work.The LA only needed proof of her salery,position in company and that she was a home owner.I have rented for many years and never been asked for bank statements,which i would never show anyone.

creaker

westv wrote: »

3 years?! I assume you mean months not years!

No...three years but I should have clarified just one per year.