Overdraft and Renting?

charlie792

Im a student and have an authorised overdraft limit on my account, due to losing my part time job last year I had no choice but to use my overdraft and thanks to a rather large bill on moving out of my student house it left me completely maxed out.
I now have a temporary job for the summer but its no where near yet cleared my overdraft still around £1000 overdrawn, although set to get paid £600 in a few weeks and my student loan about 3 weeks after that which will clear it. Me and my partner want to rent together and the estate agent wants 3 months bank statements from us both, obviously from this they will see how overdrawn I am. My partner is in full time employment and my Mum is willing to act as a guarantor but is it likely that being this overdrawn is likely to stop us renting?

Annisele

Many many students have overdrafts, and so landlords prepared to let to students are usually also prepared to let to people with overdrafts.

The overdraft might restrict the number of landlords who are prepared to let to you (as might being a student) but with a guarantor you should be able to find somewhere without too much trouble.

Sharon87

I've had to hand in bank statements with me being at my overdraft limit a lot of the time. No one ever mentioned it. I think it's to see if you get payments into the account like wages/student loan, so they know you can pay. Like the previous poster said nearly every student has an overdraft! Have you told them you are a student? If so I'm sure they wouldn't mind that you have an overdraft and with your mum able to act as guarantor I'm sure there will be no problem.

charlie792

Well the original guy who showed us round the flat said it didnt matter being a student at all, but I forgot to mention about my overdraft, we were going to go down tomorrow to put down a deposit but now ive started worrying, especially seeing as the money is non refundable if we dont get accepted..

Dave_Simmons

My son has £20k of debt and student overdrafts but with me as a guarantor no one has ever questioned it.
He couldn't afford to pay it himself.

tbs624

I personally would not show bank statements to any LA.

If they have requested employment refs/pay evidence & are running "credit checks" on you and you have a guarantor lined up that should be sufficient.

You can have a T who has 6 month's worth of fine and dandy looking bank statements but who stop paying rent after the first month.

You can always find a LL who self manages his/her property - try going via the local LL association.