Self-Employed Tenancy Referencing - Bank Statements instead of SA302!

CreditCrunchie

Tenant referencing agency (experian) won't accept my SA302's (past 3 years tax returns) as proof of income as they were not prepared by a chartered accountant. Actually the 1st 2 years were but not the last. Instead they now want to see 6 months bank statements. I earn well in excess of the affordability and my current rent is higher.

I can provide them with the summary page (graph view where it shows incomings/ outgoings) if absolutely necessary, but am very uncomfortable giving the detailed statements as my incomings are from different sources (all reported and taxed!), and occur on an irregular basis. I also have some overdraft fee charges on there. Plus I don't fancy people seeing where I do my shopping or where I choose to spend my money/ what on.

I have read that in these cases they generally won't accept just the summary. I've already paid an admin fee before knowing they would want these statements. So my question is how should I approach this?

kingstreet

SA302s are income only.

They want to see income and expenditure.

If unhappy complain, or find a different property though a different agent.

CreditCrunchie

What recourse would I have on the £250 admin fed we have already paid if we decided to go elsewhere? I'm not happy giving them my statements. I can clearly afford the rent (around 3 times in fact). However I get paid irregularly, from different sources (all reported of course) and am concerned thus might make me look unnecessarily shady. I don't relish the prospect of hVing to explain the why's and wherefores.

kingstreet

You need to study the contract or terms you have signed to see what happens if you decide not to proceed.

CreditCrunchie

The terms state no refunds unless the landlord pulls out. However I didn't know about them wanting bank statements until just now. When asked what they'd require they said proof of three years accounts.

CreditCrunchie

Can anyone please advise (beyond the obvious)?

BitterAndTwisted

It's pretty normal for the prospective tenant to lose their admin fee if they pull out. Dunno how normal your contact is because you haven't told us the terms of yours.

Instead if perhaps shooting yourself in the foot, why not consider furnishing them with what they've asked? You are hoping someone will entrust an asset to you worth tens or maybe hundreds of thousands of pounds, so they need to ensure that you can afford it. Only by seeing your income and expenditure can they make a decision about whether you can.

jayss

I've just been asked for 6, initially 3 but asked for more as I don't have a tax return yet, they'll also get a ref from my accountant.

I'm not entirely comfortable doing it but for the checking service people it's just a job and it's the price to pay for being self employed.

CreditCrunchie

I earn well in excess of the affordability criteria and currently pay a lot more in rent than this property is asking. However I'm concerned that the irregular incomings from different sources, and some bank charge fees on the statements will affect my chances.

The day I can finally BUY instead of rent cannot come soon enough!!

goonarmy

You want the place then comply. If not dont. Itll cost you the admin fee. But expect the same next agent/place to be similar.

kingstreet

CreditCrunchie wrote: »

I earn well in excess of the affordability criteria and currently pay a lot more in rent than this property is asking. However I'm concerned that the irregular incomings from different sources, and some bank charge fees on the statements will affect my chances.

The day I can finally BUY instead of rent cannot come soon enough!!

I'm in the middle of a Nationwide application and I'm submitting P60, three months payslips and six month's bank statements.

You aren't going to get an easier ride on a mortgage application status requirements.