Renting: How Do Earnings Relate to Renting?

Veduny

I was wondering if anyone had a little advice, as I’m having a few problems getting any useful information from the agent I’ve been dealing with.


Basically, my situation is this; I work aboard quite a lot so have to leave my rented property empty sometimes, which I don’t like, and my brother is currently a student so has a limited income so is looking to save money on his own rental. Simple solution – find a bigger place we can both share, so I don’t have to worry about leaving the place empty and my brother can save some money.


We have located a property (rental at £950 – easily within budget according to my maths) but have hit an issue with the agent, who have told us that one of us needs an individual income of £29K to be considered for this property. We have a joint income of about £40K but my personal income falls ever so slightly short of the £29K.


You’d think that would just be a flat no, but the agent gave us the forms and told us to apply anyway. But... I don’t want to fork over the money for the searches if they are simply going to say no when they look at the income. However, the agent seems reluctant to say on whether they will or won’t. Call me cynical, but it seems they just want the non-refundable £100 for the searches.


So, really, my question is; is this an industry standard sort of thing, is there a tiered gating system to agent letting based on income? If so, what is it so I can start looking at the right kind of houses?


Thanks for your advice.

KEA

We were told that you need to have a joint annual income of at least 30 x the monthly rent - our rent is £825 per month and OH's income is £20k, but we have income on my side from child maintenance, tax credits etc which took us over what we needed coming in to be able to rent the property.

Veduny

That's exactly the sort of answer I hoped to see. Not sure why the agent couldn't be more up front about that. Thanks for sharing.

Not that exactly understand the logic behind it...

G_M

No, it's up to individual LLs to decide who they rent to and what criteria to use.

However some (many?) LLs 'delegate' the decision to an agent, and the agent may have their own criteria - which may be fixed or may be negotiable. There is no fixed rule.

Try negotiating with the agent. Show proof of income for each of you (I asume you are both going to be on the tenancy agreement 'jointly and severally' so fail to understand why their criteria revolves around one income only!).
You could aloso offer a guarantor (parent?) though be aware this is a major legal undertaking for whoever that is - they become responsible for any defaults/damage at the propety.

Or some agents will be more flexible if you offer to pay (6?) months rent upfront. Again, there are downsides - you need the capital, and there's a slight risk if the property is repossessed by a mortgage lender for non-payment of mortgage and the LL has no Consent To Let.

Finally, if you can find the landlord (the Land Registry will identify the owner for £4), negotiate direct with him.

Veduny

Thanks for your advice. I think I know how to proceed with confidence now!