Renting questions- quick advice needed please! :)

Em586

My husband and I (and 3 young children) are hoping to move to a different area within the same town (school and space related!). We've seen a property that meets our needs, and is luckily with the estate agents we've been with for the last 5 1/2years. We're heading up there in an hour to meet with them about it, having already seen the property and getting the provisional green light from the landlord.

I'm slightly worried about the credit check as I've had more than a few late payments (but no defaults or anything else, and the cards in question are settled and closed). But reading posts on here is encouraging in that regard, and I know my husband's rating is excellent.

I've just finished maternity leave and unfortunately haven't found work to go back to. I teach, and nothing is coming up in this area, despite me looking since the summer for something suitable. So I have no employment income, but between my husband's and our CB/CTC we are managing ok. I hadn't even thought about the fact I'm not employed until just now- how is that going to impact on our application?

Are they going to require me to have a guarantor (not a problem)? Or is it easier just to do the application in my husband's name and me be a permitted tenant? I am actively looking for work, and we've never missed rent payments and have an excellent relationship with our landlord. I'm about to go on the supply register with the LA I had previously been working for, so will that count for anything?

What are they likely to suggest or what should we suggest first? We need to push this through very quickly as we need our name on the tenancy agreement before the schools application deadline which is the 15th -eek!!

Thanks in advance!

G_M

The fact that you are known to the agent will help, but it is alll down to the landlord (it's his property) and the instructions he has given his agent.

If your joint income is sufficient to cover the rent, the fact that you are unemployed should be irrelevant. There are still 'full-time mothers' around. Nothing wrong with that and the family unit can still get rentals provided they can afford them.

Your credit history sounds OK, but the best advice is to talk it all through upfront with the agent from the outset, and see what issues they have, if any. Certainly don't waste money on credit checks if the agent indicates you are likely to be turned down!

Guarantors can help as an alternative, but it's a major commitment for the guarantor to take on, so they need to be clear what their worst case scenario is, need to trust you, need to pass credit checks themselves.

jamie11

I've just finished maternity leave and unfortunately haven't found work to go back to. I teach

If it was Maternity leave should you not be able to go back to your old job?

BitterAndTwisted

Late payments will not appear on the credit-checks. Letting agents and their landlords are not banks or lenders, so they won't see them.

What they will be interested in is the "affordability-test" and the percentage of your family's income the new rent will be. That the agent is also representing the new landlord, so they have access to your rent-payment record and can see therefore see for themselves that you've not paid the rent late in your current rental is another thing in your favour.

Em586

Thanks everyone,

Jamie- I was on a temporary contract when I started maternity leave. I was able to get the 9 months paid SMP due to having been there for 2yrs+ but the job was always temporary based on funding and staffing, and had I not been on mat leave, I wouldn't have been back in September anyway as they had too many staff and not enough money. At least I managed SMP until the end of November.

Meeting went well, we were up front about the work and debt situation (we're about to start a DMP due to overdraft charges/card interest building up and up with me not working) which pleased them that we'd been honest. Both of us will go as tenants, and the credit checks will be done early next week. After speaking to the landlord, he's still happy to have us, but does want a guarantor. Shouldn't be a problem getting one of my in-laws to do it so fingers crossed we're moving soon!

We can manage the rent- it's actually £5 a month cheaper than right now, and we'll borrow some from the in-laws for the moving costs until we get our deposit back and then pay them back slowly for the rest. We need to get out of this house, it's full of damp, unsuitable for our son with physical problems, and in the wrong catchment for a school that will support our son. Once I'm working we'll make bigger chunks towards the debt and fingers crossed will be debt-free within 3yrs.

thanks again for the replies x

NeverAgain_2

Make sure the in-laws don't read any of the threads on here from people who've acted as a guarantor.

Em586

NeverAgain wrote: »

Make sure the in-laws don't read any of the threads on here from people who've acted as a guarantor.

doesn't sound encouraging! Links?

We're not a risk. We have debt but are sorting it in a manageable way, and one that budgets for priority bills like rent. It's also not debt gained through careless or frivolous spending/living- but just not realising the best way to manage things sooner when we were stuck getting charges and had to use the cards more. Lesson learnt and won't be repeated. I've already done my SOA on here and we're cut back as far as we can to maximise what can go to the debt. My husband's job is secure, and the rent is only £550pm.

If we needed them to act as a guarantor for buying a house that's different, and we won't buy until we're not in that situation as it's too much to ask.

NeverAgain_2

Em586 wrote: »

doesn't sound encouraging! Links?

We're not a risk. We have debt but are sorting it in a manageable way, and one that budgets for priority bills like rent. It's also not debt gained through careless or frivolous spending/living- but just not realising the best way to manage things sooner when we were stuck getting charges and had to use the cards more. Lesson learnt and won't be repeated. I've already done my SOA on here and we're cut back as far as we can to maximise what can go to the debt. My husband's job is secure, and the rent is only £550pm.

If we needed them to act as a guarantor for buying a house that's different, and we won't buy until we're not in that situation as it's too much to ask.

Em,

No worries - the comment was not in any way critical of you.

There have been many threads on here from people who have acted as guarantors only to find themselves let down, so my (tongue in cheek) comment was aimed at the in-laws.

I don't do smileys and all that other emoticon stuff, but perhaps that last post was an occasion when one would have been appropriate.

I'm pleased you should be getting improved accommodation for about the same money.

Regards,

NA.

Em586

no worries- I wasn't offended by it, just wondered if you meant there were any other hidden things about being a guarantor that I was not seeing!

And I didn't think you were suggesting we were going to be a problem, but I know on here it's hard to know what a poster is like if they don't elaborate, especially newer(ish) posters so thought I'd post more info!

Thanks again so much for the help fingers crossed all goes ok, it'll be such a positive move for us, and hopefully it won't be long til we're debt free and in a position to start saving for our own (much bigger!!) place!