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Do all (most) landlords require you to earn 3x the rent?
Comments
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jjlandlord wrote: »Right... Landlords should take prospective tenants' words that they can afford the rent.
There should be a negative equivalent of the "Thanks" button.
I am speaking from experience, I have never been asked to show my income to a LL.
A couple of my past EAs have done credit checks and I have never even seen the LL.
Thinking of Uni days, I always rented in a group and never had to show my income [there was none anyway].
One of my LLs was happy with renting the place to me as long as I had a job. She never asked how much I earn. She took a hefty deposit and made me sign a contract.
Since the rent discussed in Brent's case is not too much, I doubt many LLs will bother too much.Nothing is more damaging to the adventurous spirit within a man than a secure future. - Alex Supertramp0 -
19lottie82 wrote: »This is NOT a lot...... Really! How much do you anticipate for council tax, gas, electric, insurance, phone, tv, Internet? Before u have even touched food, clothing and having a social life?
Well before I was paying
£70 CT
£50 gas
£15 electric
£80 food
£12 tv licence.
That sorted me just fine, it is cheap living around here0 -
The 3x rent thing is usually part of the Homelet check that letting agents pretend to do when they take £300 off you for your application.0
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BrettMorganxD wrote: »Well before I was paying
£70 CT
£50 gas
£15 electric
£80 food
£12 tv licence.
That sorted me just fine, it is cheap living around here
No telephone? No internet? No travel?
And £15 for electric seems very very cheap, especially since the rates have just gone up 20% ish. I live by myself and I'm £25 a month minimum.
Still doesn't leave a lot left for clothes, going out and other expenses.....0 -
Just thinking what would be an acceptable proportion of a persons income for renting?
Looking myself at the moment and assuming max 25% of income for rent assuming a further 25% of income on other housing costs (council tax, utility's etc) then 25% of my income on other living costs such as food, car etc. Leaving a further 25% of my income.
Ok using this rule of thumb i am getting very little coming into my price bracket but am I looking at the right sort of figures?Hi there! We’ve had to remove your signature. It was so good we removed it because we cannot think of one so good as you had and need to protect others from seeing such a great signature.0 -
33% to 40% is fine. 25% is very good but you might not get a property that reflects your income. To rent the cheapest 1 bed flat in my town costs £400 per month so according to you someone would need to earn £19,200 per year. I would expect they would want somewhere nicer than the cheapest flat in town. These flats are single person flats and someone on £12,000 (minimum wages) could easily afford them. Actually someone on no wages at all could afford them as housing benefit will cover the whole rent. It's good though if you are saving towards buying somewhere and don't mind living in a small cramped flat for a few years.Just thinking what would be an acceptable proportion of a persons income for renting?
Looking myself at the moment and assuming max 25% of income for rent assuming a further 25% of income on other housing costs (council tax, utility's etc) then 25% of my income on other living costs such as food, car etc. Leaving a further 25% of my income.
Ok using this rule of thumb i am getting very little coming into my price bracket but am I looking at the right sort of figures?:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
19lottie82 wrote: »No telephone? No internet? No travel?
And £15 for electric seems very very cheap, especially since the rates have just gone up 20% ish. I live by myself and I'm £25 a month minimum.
Still doesn't leave a lot left for clothes, going out and other expenses.....
£10 every 6 weeks for mobile top up I don't usually use it.
Didn't have internet no.
With being out at work all day I didn't use much electric tbh, and most of my flat was gas run anyway0 -
BrettMorganxD wrote: ȣ10 every 6 weeks for mobile top up I don't usually use it.
Didn't have internet no.
With being out at work all day I didn't use much electric tbh, and most of my flat was gas run anyway
You posting here via carrier pigeon?
(i know: libraries, schools, family etc) Hi there! We’ve had to remove your signature. It was so good we removed it because we cannot think of one so good as you had and need to protect others from seeing such a great signature.0 -
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