Renting as a student

purple-rain_3

I'm a post-grad student hoping to rent a flat in September. I have a confirmed job offer which commences in March once I have finished my current course. I'm not looking at typical "student" properties, but just the general rental market as I'm looking longer-term.

I've been looking at flats to rent, but I assume I will fail the credit check due to not having a job?

My parents are willing to be guarantors - will this likely be accepted by a landlord? Will my job offer be of any value?

I can pay 6 months rent up-front if needed, but I'd prefer not to.

Would appreciate any advice.

Thanks!

Mind_the_Gap

purple-rain wrote: »

I'm a post-grad student hoping to rent a flat in September. I have a confirmed job offer which commences in March once I have finished my current course. I'm not looking at typical "student" properties, but just the general rental market as I'm looking longer-term.

I've been looking at flats to rent, but I assume I will fail the credit check due to not having a job?

My parents are willing to be guarantors - will this likely be accepted by a landlord? Will my job offer be of any value?

I can pay 6 months rent up-front if needed, but I'd prefer not to.

Would appreciate any advice.

Thanks!

Don't worry. With the credentials you have described, you would be a good prospect for all but the most student-averse landlords!

The fact that your parents will stand as guarantors is good - and don't offer the 6 months' rent up front too eagerly! Apart from anything else, the LL has no incentive to keep you happy and some LLs might suspect you of planning to run a cannabis farm! (Cannabis farmers in UK rental properties try to keep the LL off their backs by paying all the rent up front in the hope he will lose interest in what they are up to in the property).

Most letting agents treat postgraduate students as 'young professionals' in any case - so make it clear to agents and LLs when property hunting that your Wild Young Thing days are behind you and that you need somewhere you can do lots of work.

purple-rain_3

Mind_the_Gap wrote: »

Don't worry. With the credentials you have described, you would be a good prospect for all but the most student-averse landlords!

The fact that your parents will stand as guarantors is good - and don't offer the 6 months' rent up front too eagerly! Apart from anything else, the LL has no incentive to keep you happy and some LLs might suspect you of planning to run a cannabis farm! (Cannabis farmers in UK rental properties try to keep the LL off their backs by paying all the rent up front in the hope he will lose interest in what they are up to in the property).

Most letting agents treat postgraduate students as 'young professionals' in any case - so make it clear to agents and LLs when property hunting that your Wild Young Thing days are behind you and that you need somewhere you can do lots of work.

Perfect, thanks for your advice!

Benji

Agreeing fully with Mind The Gap, may I ask if your parents (ie your guarantors) are working homeowners?

purple-rain_3

Benji wrote: »

Agreeing fully with Mind The Gap, may I ask if your parents (ie your guarantors) are working homeowners?

Yes, they're both working full time. However, they have just sold their house and are now renting for 6 months whilst looking for somewhere to buy - will this be an issue?

Mind_the_Gap

purple-rain wrote: »

Yes, they're both working full time. However, they have just sold their house and are now renting for 6 months whilst looking for somewhere to buy - will this be an issue?

In principle, possibly, although if they have assets such as a lot of money in the bank and are willing to pay your first 6 months up front as you have said, it shouldn't be.

purple-rain_3

Mind_the_Gap wrote: »

In principle, possibly, although if they have assets such as a lot of money in the bank and are willing to pay your first 6 months up front as you have said, it shouldn't be.

Thanks. They do have a lot of money in the bank (i.e. all the proceeds of the recent house sale). Would the letting agent just likely require bank statements to verify?

mumps

My daughter and a friend rented a flat when second years, I acted as guarantor for both of them. It was a lovely flat, not a student let but they had no problems.

Mind_the_Gap

purple-rain wrote: »

Thanks. They do have a lot of money in the bank (i.e. all the proceeds of the recent house sale). Would the letting agent just likely require bank statements to verify?

If they are doing their job properly (which sadly is not always the case!) they should be running a proper check on your parents and yourself, using a reputable credit check company such as TenantVerify. They will probaby charge you to do this.

If they just ask for bank statements, that's fine from your perspective - but if I were your prospective LL I would want to be a bit more sure that they are in a position to guarantee your rent....wouldn't you?! Agents' laziness is not your problem, however. Good luck - hope you find somewhere nice.

thegirlintheattic

Shouldn't be an issue at all, although look at the adverts as some lets will have No Students on it. I had problems with these type of properties even as someone nearing the end of a post-grad course and with a job lined up. Some landlords just don't like students.