My daughter needs a loan for a rental deposit with no credit rating

19lottie82

shop-to-drop wrote: »

Has she considered a room in a shared house? The deposit and rent would be significantly less and can be a great experience for young adults.

Agreed. Funding your own flat is very expensive when you are on your own. A lot of people can't afford it, let alone an 18 year old.

honey10

Has she tried talking to the landlord? If she asks, they might be willing to take the bond as a rent increase over the first couple of months?
I would press the seriousness of taking a tenancy whilst in a new job, as has been mentioned, the fact she is under 25 will mean the LHA on a private rent is probably going to be less than half the weekly rent, which should she lose her job, will mean she has no money to live on whatsoever and will still be building arrears in rent.
Has she tried applying to the local council? If she isn't fussy then she might be able to get a 1 bedroom flat/bedsit reasonably fast, especially if she lays it on thick about living in a unheated caravan as she has no other options.

bouncydog1

Do try to persuade your daughter to find someone to share with. At 18 it will be much more fun and provided the arrangements are documented, will probably be significantly cheaper for her anyway.

pinkladyof66

DJ9 wrote: »

The flat is attached to the owners property and comes with all bill inclusive including council tax ad tv license @ 550 a month which would be ideal for her as she only has to worry about food and one bill.

£550 a month :mad: She needs to go into shared housing I never paid that much when I was living alone at 40 earning £28K !!!!

She needs to be sensible and look at other options sorry op.

DCFC79

OP You say the rent for this flat was £550 a month but whats that like in relation to he monthly wage ?

roundabouthere

I think she really should be looking renting a room first rather than commiting to a flat to herself.

You say she has saved only £200 after working for a couple of months. The expense of running a flat is going to far exceed the costs she is currently paying living in the caravan so that £100 a month buffer is going to be easily wiped out. She needs to assess the true cost of the flat rather than seeing just £550 a month. As well as the cost of utilities she'll have council tax, tv license, new furniture etc. Once she's done that I imagine that whats left over would be far less than she's currently realised and it may make her re-assess.

DCFC79

roundabouthere wrote: »

You say she has saved only £200 after working for a couple of months. The expense of running a flat is going to far exceed the costs she is currently paying living in the caravan so that £100 a month buffer is going to be easily wiped out. She needs to assess the true cost of the flat rather than seeing just £550 a month. As well as the cost of utilities she'll have council tax, tv license, new furniture etc. Once she's done that I imagine that whats left over would be far less than she's currently realised and it may make her re-assess.

Yes thats what i was trying to say, thanks. The whole income Vs expenditure scenario.

macman

If it's a separate flat with it's own private facilities then she will be responsible for her own CT. It will be assessed separately unless the LL has failed to declare the conversion, which would then raise other alarm bells.

HeadAboveWater

I would also agree with the suggestion of renting a room. I don't really see how putting herself in debt at such a young age is a positive thing.

shop-to-drop

How bad is the situation with her mum?

Maybe the answer would be to encourage her to build bridges with mum, go home and then she can save to move out perhaps next summer if she still wants to.

Maybe talking things through with her and encouraging her to do this is how you can best help her.