Questions about renting when Self Employed

Quigpin

Hi everyone,

I was wondering if anyone could answer with some questions I have about renting a property as a Self Employed person, please. I live in London and, as I understand it, I have three options if I wish to rent:

1. Produce 2 years of audited accounts
2. Pay six months rent up front
3. Get someone to act as a guarantor

I don’t have two years of audited accounts and, while option 3 is possible, it is a big imposition to ask someone to do that for me. Does anyone know of any other options?

Also, if I do pay six months up front, would I normally still need to pay an additional deposit? After the six months are up, is it normal to revert to monthly payments?

Any help on this would be much appreciated.
Thanks.

Pixie5740

I had this problem a couple of years ago. What kind of self-employed person are you? I had just become a contractor when I needed to rent somewhere. The first place I went for was a private let off Gumtree to the LL didn't ask for a guarantor or proof of income come to think of it. I might have got lucky. Then the next place I rented 6 months later was through an agency and initially the company they used for references said I should have a guarantor but I talked them round by getting a reference from my old LL and a letter from my agency showing projected earnings for the year. I did offer a larger deposit but they didn't take me up on it.

Quigpin

Thanks Pixie. Gumtree definitely worth a look.

kyana

look at spareroom, easyroomate and similar websites. landlords sometimes rent out properties through there.
i'm self-employed and was lucky that my landlord took me at my word, although i offered to provide bank statements, guarantor or six month up front.
also worth asking local estate agents to alert you to any properties which they are marketing for a 'finding fee' only. this is what my landlord did, it means that he paid them a set amount to market the property and set up viewings but he did all the viewings, tenant checks and contracts himself.
basically, try to go directly through a landlord rather than an estate agent which will have set and rigorous procedures.

Quigpin

Kyana, thanks for taking the trouble of replying. I will have a look at spareroom and easyroomate. Much appreciated.

jayss

Thanks for the info, I'm wanting to move for first time since becoming self employed, glad it's not impossible.

jayss

Not the op but just to follow up I've passed referencing now (was done by vericheck) for a rental without guarantor or 6months up front or 2 years accounts(that I don't have yet anyway).
Had to give 6months bank statements and my accountant gave a reference.

It was a lot less stressful and more straightforward than I expected.

thequant

jayss wrote: »

Not the op but just to follow up I've passed referencing now (was done by vericheck) for a rental without guarantor or 6months up front or 2 years accounts(that I don't have yet anyway).
Had to give 6months bank statements and my accountant gave a reference.

It was a lot less stressful and more straightforward than I expected.

been in a similar position in the past, had no problems renting and not needed guarantors or 6 months up front