How to look best to a landlord?

Herbalus

I am trying to rent a flat with my wife, but neither of us work and I'm wondering how best to approach any application form.

The situation: I'm a student and have £13,000 income next year (£8,000 student loans and £5,000 scholarship), and my wife has £10,000 income from a fully-owned rental property. That's a combined income of £23,000, but because my income is purely for that year and not renewable (it's my last year), I don't know if this will be accepted.

We have enough savings to actually pay the deposit for the property we want, so there is no question of affordability, but does a landlord see it this way? Should we tell him we have so much savings? Is it worth offering to pay 6 months up front to ease any worries?

Also, none of my previous addresses (8 months in Spain, other shared rental properties as a student) show up on credit files, so I've simply put down my 'fixed abode' (parent's address). Is there likely to be any problems with that? Should I say that I've had a private landlord in Spain? They won't get a reference off him because he doesn't speak English!

ognum

Herbalus wrote: »

I am trying to rent a flat with my wife, but neither of us work and I'm wondering how best to approach any application form.

The situation: I'm a student and have £13,000 income next year (£8,000 student loans and £5,000 scholarship), and my wife has £10,000 income from a fully-owned rental property. That's a combined income of £23,000, but because my income is purely for that year and not renewable (it's my last year), I don't know if this will be accepted.

We have enough savings to actually pay the deposit for the property we want, so there is no question of affordability, but does a landlord see it this way? Should we tell him we have so much savings? Is it worth offering to pay 6 months up front to ease any worries?

Also, none of my previous addresses (8 months in Spain, other shared rental properties as a student) show up on credit files, so I've simply put down my 'fixed abode' (parent's address). Is there likely to be any problems with that? Should I say that I've had a private landlord in Spain? They won't get a reference off him because he doesn't speak English!

Your partner has rental income but presumably she also has expenditure on that property as well, maybe a mortgage, maybe no tenants, maybe no rent. It's not a guaranteed income is it?

I am afraid as you say you are not great tenants, my advice would be to offer 6 months or more rent in advance the problem with that is you then have no leverage.

Herbalus

It is a fully-owned property, so no mortgage, and there is a fixed term contract with reliable tenants so is as safe as you can ask/be sure. I would have thought that the savings (£50k plus) would be enough surety, but don't know how to present that.

BitterAndTwisted

It's not a mortgaged property, it's wholly-owned.

OP: a lot depends on the proposed rent. Apart from references they will be looking at affordability. I think the usual calc is 40% of your net income in rent per annum. Something like that. And they will in all likelihood want to see six month's worth of bank statements so your having that much at your disposal in savings will show up in any case.

I think you should just be candid about your circs and your level of savings and see what they say.

Werdnal

Have you someone you could nominate to act as a guarantor? They will have to fit certain criteria - normally be home-owner/high earner or have sufficient assets to cover their own living expenses and yours should you default?

BitterAndTwisted

The OP has £50k plus in savings. They should be able to secure a property easily.