HELP!!! Homelet Credit Checks

Madame_George

Hi there,

I posted this on the "House Buying..." but no-one has been able to answer....

I've had my first viewing for a rental today. I'm trying to get out of my living situ pronto as living with my ex and will be applying for BR soon. The flat couldn't be more perfect for me, the agent has said to me to pop into the office tomorrow, pay the fees and the credit referencing will take place - hopefully results in 1 - 2 days.

Now my credit rating can't be good. We've been paying token payments, one default so far and have just went into arrears on the mortgage. I've not been in the LA office yet or filled anything in so I've not discussed my credit rating. The agent showing mentioned they will be using Homelet, I asked what was involved in the checks and he said just basically checking who I say I am, that I work where I say I do and live where I say I do. He was very casual about it.

I have a work ref I can provide, have good income, been there for a long time. I have a mortgage clear homeowning guarantor as support should I need it.

Can anyone advise on Homelet checks? I'm intending to be honest when I fill out the forms and mention I expect my credit rating to be not great. All the agent seemed interested in was that I had full time employment, is it down to the LA whether they take me on or will they go on whatever Homelets advice is, are Homelet strict?

I'm a bit concerned from reading about Homelet on this forum. This flat means so much to me, I feel like I could turn a corner in my life with this place, it's ideal and makes me feel safe.

I'd be really grateful for any advice. x

peachyprice

I've had a Homelet check done, I failed dismally, but I had BR and a CCJ on my credit file, they did say to me if it had just been defaults it would have been fine. Also, if you score is just a little below aceptable they can input it manually enough just to tip it over, so I was told, although I was beyond that, way beyond

Madame_George

Thanks Peachy!

It's so tense the waiting. I have paper references from my work, is that likely to speed things up if I hand that in with my application?

And also last question, I think if they do the income to rent ratio I'll be slightly slightly below the 2.5 x annual rent that I've heard Homelet look for, is it likely to get through? I'll be on a guaranteed payrise in Sept which will improve that and I've be earning more by next year.

MG

tigerfeet2006

Have a look at this thread on Homelet

http://forums.moneysavingexpert.com/showthread.html?t=1655851&highlight=homelet

kissjenn

All our flats are credit checked but we personally meet every applicant. If people are straight with us, we're straight with them. We've found from talking to potential tenants that the agencies in the cities are far more forumulaic than out of town where they'll listen to personal circs.

May not help in this particular case but if you miss out on this flat something to consider for next time.

Also guarantors in Scotland are worthless usually. Not many LAs know this but if you get one who's on the ball they'll take the details more to shame payment from you than to actually expect the guarantor to pay. They can only pursue guarantor if you are declared BR - and given this thread you'd be kind to point that out to this person who's willing to stand for you - they will be directly and immediately in the firing line if you are BR and don't pay.

Hope that's of some help.

Madame_George

Thanks for the comments. I had a very stressful and worrying night. I'd already searched all Homelet threads on the forum so had mixed ideas on how it could go. My check passed with no probs...I'm going to close the deal tomorrow after already paying part deposit.

I can't complain, I heard the news 6 hours after handing in my details.

blind-as-a-bat_2

Madame_George wrote: »

Thanks for the comments. I had a very stressful and worrying night. I'd already searched all Homelet threads on the forum so had mixed ideas on how it could go. My check passed with no probs...I'm going to close the deal tomorrow after already paying part deposit.

I can't complain, I heard the news 6 hours after handing in my details.

Great news for you (makes you wonder if they have been reading these forums too)

There seems too much 'inconsistancy' when it comes to credit checks of any sort, makes you wonder what the relavence of them is doesnt it;)

elaine77

Madame_George wrote: »

Thanks for the comments. I had a very stressful and worrying night. I'd already searched all Homelet threads on the forum so had mixed ideas on how it could go. My check passed with no probs...I'm going to close the deal tomorrow after already paying part deposit.

I can't complain, I heard the news 6 hours after handing in my details.

Thats great news!!
Glad things are finally looking up for you
xxxx

Lightattheend

Brilliant news, good luck with the new house.

MercMan

I failed my Homelet check (twice) and both private Landlords said no way. So I went to an agent and said I could pay 6 months up front if there no checks and they bit my hand off. In the present economic cliamte anyone who can afford 6months up front can negotaite avery nice reduction in the rent. I got £50 PCM knocked off.

dazza72

Hi

My girlfriend and I are going through homelets right now, I had a ccj against my name but my girlfriend is fine. Homelts asked for a guarantor and we provided a satisfactory one. As we are relocating to the west country so I can study at university we do not have jobs yet but will actively look once there as have always worked. As a mature student.
We have been totally honest about our circumstance from day one and have savings to cover the first two months and are entitled to a bursary to cover our moving costs, which includes first months rent and deposit so that will pay another two months.
At no point at any time have we been told what saving they are looking for and have paid £337 in referencing for homelet to approve us. The other day are spirits were lifted as we had a call from the letting agent to say all the referencing was now complete and the guarantor was fine, but they needed two more bits of information.
Firstly they asked for proof of my university place which I have done, but the second was that homelets want to see our saving and preferably over £8000 . .....
At no time was we ever told this was the figure required otherwise we would of not gone after this property and spent all of £337 on referencing.. Please could you tell me if this is normal practice and should they have informed me before any money was ever paid.
We now feel a bit put out at their demand on such savings as we do not have that.. Maybe £2000 plus the bursary for £1600 but that's all. Should they have told us before ????????