Credit Check Concern - Renting

ritch1

Hi

I am trying to find a decent flat to rent but my income might be deemed unfit for this lol. I viewed at a place today that I really liked for £550. The problem is my monthly earning range from £1200 to £1600 depending on my overtime.

I feel confident that I can pay the rent and bills on this salary, I am a single person and dont have many other outgoings, I also have £3000 savings, no credit problems and am debt free. My concern is that I keep hearing that you need to earn 3 times the amount you rent in order to pass the creadit check. I dont earn that consistently.

So really seeing what the opinion is on this, do you think I would pass a credit check based on this situation? I would say I earn just over twice the rent costs on a consistent basis.

Thanks for any help with this

tommytynan123

I think you are getting confused over credit checks, mortgage multiples and rent.
The credit check is exactly that. Do you have any defaults, CCJs or appear to have too much credit. Companies like Experian do not know your income so its a ''credit'' worthiness not affordability.
Some agents use application forms that ask for income etc and possibly payslips but as always these are a bit grey because whilst credit checks show ''bad'' things then, apart from the initial credit check made by ABC finance for your car loan, I don't think they show if you actually took out a loan with them providing you are paying it etc. (check that)
If you, by chance, had a credit history that was borderline then to tip the scales you could offer to increase the deposit from your savings. My son did that to allow his dog to reside - not quite the same but you know what I'm saying.

ritch1

thanks for the reply. The company requested work references and asked for my p60 and some pay slips. So I was just concerned that they would see I am borderline, with regards to earning 3 times as much as the rent. I guess I could offer to pay 6 months rent up front, is that a usual thing then? I'm pretty new to renting and finding it pretty irritating to be honest, I dont like the fact you have to pay £200 for this check to be told you dont qualify.