Bank reference for letting - WORRIED

krisp_2

Hey everyone,
first post but long time follower of the forum!

Anyway, me and my girlfriend have found the perfect house to rent, honestly nothing has come up for about a year so we seriously want it to go through. We are currently in the referencing process, we both have good credit, as we did checks with experian, and both our employer references are good. Only thing I'm worried about is my bank reference, I had to sign a letter saying that I agree for them to ask the bank if I'm a suitable tennant for x amount. I have never missed any payments, I have a loan with the bank which ends 5th Feb, and is ironically the same outgoing as my rent, but Natwest managed to talk me into some advantage gold account with loads of benefits and what not, for 12.50 a month. I told them at the time that I would not use the account, but the benefits would help (phone insurance...etc.)....anyway, that 12.50 has been coming out of the new account so I've had to be on the ball with internet banking to avoid going overdrawn on that account which has happened a few times but I've always paid the fees and just got on with it.

To cut an already long story short, do I have anything to worry about? (I am an insanely bad worrier and have already lost a couple of nights sleep over this! )

Cheers all.

sonastin

Short answer - No.

krisp_2

Cheers Sonastin, so what sort of thing would actually be a problem?

sonastin

I don't actually know in terms of what letting agents look for but I'm guessing things like spending most of your time overdrawn, unauthorised overdrafts, racking up charges that you can't afford, returned direct debits / bounced cheques, etc. The odd dip into an overdraft is a not something that should cause anyone cause for concern.

If you aren't happy with the gold account, can you cancel it? I had a similar product with LloydsTSB for several years which suited me as it would have cost more to arrange my own travel insurance, phone insurance and breakdown cover. Once I stopped going abroad and realised I have a rubbish phone and a monthly rolling contract, I figured annual breakdown cover cost less than the bank account and switched back to the regular account again...

krisp_2

Cheers Sonastin, I do spend alot of time in overdrafts but I always stay within agreed limits so I assume that is ok otherwise what is the point in having them. But yeah, I haven't had any direct debits or cheques bounced or loads of charges so I guess I just need to try and chill.

And as for the gold account, I'm waiting for the bank manager to return my call so I can cancel it, as its causing more hassle than its worth!

JanCee

If you want to cancel any type of packaged account with your bank just put it in writing. It goes directly to the service centre who action it straight away. If you phone your bank they will always try and talk you out of it, or even worse, try and sell you some other useless product that you don't really want or need.

krisp_2

Yeah tell me about it JanCee, just got off the phone, apparently I can't do it over the phone so I'd have to come into the branch....and I'd no doubt get talked out of it...letter it is!

Cheers everyone, and fingers crossed on the house please! lol

clutton_2

i have only twice followed up bank references for a prospective tenant... one banked with the same bank as me and i went in and with the tenants Data Protection disclaimer they gave me a reference for the straight away - i think it may have been Halifax.... they showed me all the "bank reference letters" they use - standard ones - and they all sound good......

the other one i followed up with Abbey - they never replied

As a LL i look for an absence of CCJs on the Credit Referencing results, and the previous landlords reference and the one before that if possible. If i am at all anxious i will ask to see bank statements - these show you much much more than any Bankers reference ever could....

dont worry

krisp_2

Cheers clutton,
sorry for late reply, I spoke to the bank earlier and they haven't even opened my letter, and the annoying thing is all the other references...including credit checks have been done and are fine, just waiting on this one! The credit checks would have told them if we have ccj's or arrears or anything so I don't know what they really aim to learn but its obviously how they do it!

Cheers for all the reassurance and I'm sure its going to be ok, I just want to know when I can start packing or buying the things we need! haha

Radiantsoul

Banks rarely give bad references and your credit record is no issue so relax.

Gwhiz

krisp wrote: »

I'd have to come into the branch....and I'd no doubt get talked out of it...letter it is!

With an attitude like that, you will get talked into it. Just waltz into the branch and tell them you want a normal account as you do not need the one you have. So simple.