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First Time Rent
Worthingchappie1983
Posts: 31 Forumite
Hi,
I am looking to rent my first flat and am looking for some advise on something.
I am employed full time, however i am on long term sick, (since May 2011).
I have found somewhere that i am interested in and would like to get the ball rolling.
However, i am concerned about the Credit check/references as I am not at work and have a bad credit rating.
If I instruct the letting agent and I hand over their fee so they can obtain credit check/reference, what happens if they are not happy or I fail the whole thing?
Do I lose all my money that i have paid as their fee?
What im worried about is applying for places but not passing the credit check/reference process and losing a lot of money on numerous fees.
I look forward to hearing from you.
I am looking to rent my first flat and am looking for some advise on something.
I am employed full time, however i am on long term sick, (since May 2011).
I have found somewhere that i am interested in and would like to get the ball rolling.
However, i am concerned about the Credit check/references as I am not at work and have a bad credit rating.
If I instruct the letting agent and I hand over their fee so they can obtain credit check/reference, what happens if they are not happy or I fail the whole thing?
Do I lose all my money that i have paid as their fee?
What im worried about is applying for places but not passing the credit check/reference process and losing a lot of money on numerous fees.
I look forward to hearing from you.
0
Comments
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If you fail the credit check then you lose the fee.
As a LL I would be wary of renting to anyone who had adverse credit. Is there a limit to the time that sick pay goes for? What happens when it stops?Remember the saying: if it looks too good to be true it almost certainly is.0 -
You have a full time, permenant contract of employment? Your credit check will not show up your sickness status.
But it could show your adverse credit history. What is this?
The best approach is always upfront honesty. Tell the LL/agent what your credit history is and ask if that is an issue or would be acceptable. If they say it's an issue, save yourself the fee. If they say it's OK, then provided nothing else is shown up, they should offer your the property.
But as Jim says, how will you pay the rent when your sickness benefit ends....0 -
However, LL/LA may approach your work for a reference and they may divuldge you are currently on long-term sick leave. That in itself may ring alarm bells ...0
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Most PRS LLs are unlikely to accept you as a T without someone acting as a guarantor IMO. Do you have anaone who would be prepared to act in this capacity for you? They would need to be a homeowner and their own finacial standing would be subect to checks.0
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Most PRS LLs are unlikely to accept you as a T without someone acting as a guarantor IMO. Do you have anaone who would be prepared to act in this capacity for you? They would need to be a homeowner and their own finacial standing would be subect to checks.
Thank you for this.
I am fortunate that my Mum has agreed to act as Guarantor.
Do you think this would supersede my credit check if it fails and everything would be ok?0 -
as long as she meets the conditions of being a guarantorWorthingchappie1983 wrote: »Thank you for this.
I am fortunate that my Mum has agreed to act as Guarantor.
Do you think this would supersede my credit check if it fails and everything would be ok?
usually a salary of circa £23k, home owner and great credit rating0 -
19lottie82 wrote: »as long as she meets the conditions of being a guarantor
usually a salary of circa £23k, home owner and great credit rating
Great!
Thank you.0
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