Advice on first time renting please

hoyles10

Hi I'm wondering if anyone could offer me some advice.

We are looking at renting a house for the first time and have found one we would like and that we can afford (My mum said she will help us out with the cost of rent).

What i'm afraid of is my wife is in a debt management plan and my credit score isn't awful but it could be better. We have the money for the deposit, any bond we have to pay and another couple of months rent in advance if needed.

Will this affect our credit record wreck any chances of getting a property through a letting agents?

Fire_Fox

You may need a guarantor, will your mum be prepared to do this?

poppysarah

One you can afford yet your mum will help you out with the rent??

Confused. Either you can afford it or you can't?

hoyles10

We can afford it but my mum is insisting she helps out anyway which is a bonus.

And my mum has just said she will act as a guarantor if we need one.

BitterAndTwisted

Prospective tenants with a poor credit-history, never mind one on a DMP are a poor prospect even with a guarantor. What happens if mother's circumstances change and the "help" is not forthcoming in the future?

hoyles10

If my mums circumstances change we will still be able to afford to pay the rent on time each month because we are able to afford it without her help, she's just insisting she's going to put a set amount of money in my bank each month to go towards rent and bills.

The reason we're moving is because the house we currently live in is split between my wife, her sister and her brother and was left to us when her parents passed away nearly 18 months ago. There was a clause in their will that we could carry on living here rent free for 12 months. Now it's been decided that the house is going to be sold more than likely through an auction then the money split 3 ways.

Once this is done we will be able to pay off all our debts plus still have quite a large chunk set aside for a deposit on a house when our credit records have changed for the better once we're debt free. This would also enable us to pay a years rent in advance if the need arises.

The thing is we've seen this house up for rent and it's everything we were looking for and would like to try and start renting it and want to get the wheels moving on it.

Plasterer

Slight diggression from what your asking but this advice might be helpfull anyway. When you go into an agreement with the letteing agent please make sure you note ANYTHING that is already dameged IE carpets fraying, poor quality/old wallpaper/paint etc. Check that you read and fully understand everything on the contract VERY IMPORTANT. Because I gaurantee they will try and stop anything from your deposit when you leave. Experience talking.
Hope this helps.
PS Not trying to annoy anybody that letts houses for a living, just had a bad experience once.

G_M

Plasterer wrote: »

Slight diggression from what your asking but this advice might be helpfull anyway. When you go into an agreement with the letteing agent please make sure you note ANYTHING that is already dameged IE carpets fraying, poor quality/old wallpaper/paint etc. Check that you read and fully understand everything on the contract VERY IMPORTANT. Because I gaurantee they will try and stop anything from your deposit when you leave. Experience talking.
Hope this helps.
PS Not trying to annoy anybody that letts houses for a living, just had a bad experience once.

Not a 'slight digression' - it's a complete digression and irrelevant to the OP.

You have an axe to grind due to your personal experience. Post it separately if you must!

G_M

BitterAndTwisted wrote: »

Prospective tenants with a poor credit-history, never mind one on a DMP are a poor prospect even with a guarantor. What happens if mother's circumstances change and the "help" is not forthcoming in the future?

The whole point of a guarantor is that they take over all the legal obligations of the tenant and can be legally pursued if necessary. Providing they have 'passed' credit vetting themselves, they are as good as a credit-approved tenant.

In a 'normal' situation, what happens if a tenant's circumstances change? There is always some risk in letting property.

Plasterer

G_M wrote: »

Not a 'slight digression' - it's a complete digression and irrelevant to the OP.

You have an axe to grind due to your personal experience. Post it separately if you must!

Sorry if I have upset you, No axe to grind here my friend, I saw the topic heading which read Advice on first time renting. Sounds like a young couple that could use advice as I think by the sounds of it money is an issue. If say they want to move into another rented premeses in 12 months they would probably rely on the deposit coming back to use for a new depsosit. Its would be upsetting if say for example your deposit is £600 and you don't get it back, it can be quite difficult to find at short notice. As I say No axe to grind as my experience was 15 years ago, now that would be a grudge lol.
Sorry if I have offended anybody, just trying to help.

N79

Plasterer wrote: »

Sorry if I have upset you, No axe to grind here my friend, I saw the topic heading which read Advice on first time renting. Sounds like a young couple that could use advice as I think by the sounds of it money is an issue. If say they want to move into another rented premeses in 12 months they would probably rely on the deposit coming back to use for a new depsosit. Its would be upsetting if say for example your deposit is £600 and you don't get it back, it can be quite difficult to find at short notice. As I say No axe to grind as my experience was 15 years ago, now that would be a grudge lol.
Sorry if I have offended anybody, just trying to help.

These days no one in England and Wales should rely on the return of a deposit to pay the deposit on a new tenancy because the deposit protection administration means that it is not possible for deposits to be immediately returned. Even an uncontested deposit is likely to take a couple of weeks to be returned to the T.