Affording rent

Kaster_2

I am a single working father of a 13 year old, who has shared my bedroom (in his own bed) since moving in with my last year.

Obviously we are near breaking point as it cannot go on like this for much longer, so I need to move to a two bed place.

I work in sales, basic £24k + commission (£35-40k in total) but I have learnt that to rent estate agents work on a 2.5 ratio of salary and do not take commission into consideration? The only option apparently is through a guarantor, which makes life very difficult.

Is this correct, as it makes little sense to me. Obviously commission goes up and down but if you don't hit targets over the year, you don't get commission, you lose your job and you won't have the £24k basic anyway!

As it stands I have £4-5k in my bank account yet this counts for nothing??

Any advice would be very helpful.

Own_My_Own

The first thing I would do is check you are getting the right benefits. These may help with rent.

http://www.turn2us.org.uk/benefits_search.aspx

To find your HLA put your postcode in here.

https://lha-direct.voa.gov.uk/search.aspx

Kaster_2

I will check that but can I ask, are benefits included as part of your gross income when it comes to private renting?

Own_My_Own

Kaster wrote: »

I will check that but can I ask, are benefits included as part of your gross income when it comes to private renting?

No always, but you may be entitled to some housing benefit. This would mean less of your income would be needed.


I would also go to your local housing department. They may be able to help you with deposits etc.

LittleMax

It is unlikely you will qualify for any benefits as the commission will be included in income. Presumably you are renting at the moment so can provide evidence of regular rent payments.

Kaster_2

I would've thought my commission would take me way out of any additional benefits.

I have been in my current place for 5 years, so reference is no problem but rent is £300 cheaper than what I am looking for next. Prices have shot up somewhat since I was last looking 5 years ago - plus this is for a two bedder now.

I can provide proof of earnings etc but the few estates agents I've spoken to have said only basic is taken into account.

I do have a guarantor who earns £50k basic but they are not a homeowner which is a requirement from what I've read.

It seems lunacy that I have the money, can proof I can afford it yet because of a rigid system I am told that actually, I can't.

Own_My_Own

Kaster wrote: »

I would've thought my commission would take me way out of any additional benefits.

I have been in my current place for 5 years, so reference is no problem but rent is £300 cheaper than what I am looking for next. Prices have shot up somewhat since I was last looking 5 years ago - plus this is for a two bedder now.

I can provide proof of earnings etc but the few estates agents I've spoken to have said only basic is taken into account.

I do have a guarantor who earns £50k basic but they are not a homeowner which is a requirement from what I've read.

It seems lunacy that I have the money, can proof I can afford it yet because of a rigid system I am told that actually, I can't.

My Dad is a guarantor for my step sister and he lives in a council house. So I don't think that is always the case.

Kaster_2

So he hasn't bought his council flat? Which part of the country is that in - I'm in London.

I'm half thinking of putting mine and that other persons name down as moving in together - both of us going through all the checks etc to get past all the references.

They wouldn't know they haven't moved in after would they?

Own_My_Own

Kaster wrote: »

So he hasn't bought his council flat? Which part of the country is that in - I'm in London.

I'm half thinking of putting mine and that other persons name down as moving in together - both of us going through all the checks etc to get past all the references.

They wouldn't know they haven't moved in after would they?

We are in the south east. No he hasn't bought the flat.

Is the other person ok with their name being put on the tenancy ?

Kaster_2

Yeah they would be as they know I can afford the rent and they'd never be chased for anything. From years of renting I've never had an estate agent poke their nose into my private business, so I guess it could work.

I'd just prefer to do things the legit way I guess but this may be the only way.

pinkshoes

How much is it to rent a 2 bed property in your chosen area?