Renting with no job but savings

desperate_times

I am trying to rent a house but struggling to convince landlord to accept me. I am not employed but shown significant savings in bank of getting on for 10 times annual rent. I have also offered to pay 6 months of rent in advance. The agent is happy with proof of savings but the landlord is not comfortable. He now now asked for two years of bank statements, two years of tax returns, 12 months of payslips (although he know not employed). Agent thinks he is being unreasonable but he won't budge. I have given up on this property but any view on whether other landlords will take a similar view? I feel in an odd position with a lot of money in the bank but unable to rent.

JeLaw

Can't really give any advice but just wanted to say that I'm in a similar position.

I haven't started looking yet but I'm also not working (due to a health condition) but have savings. I hope not all landlords will be like that one!

To be honest I can't imagine why most landlords would take issue with you. If you have significant savings like you say why would they worry? Especially if you pay upfront. Most leases are only for 6 months or a year and you might move out at the end of the lease anyway so wouldn't owe them anything.

Are you renting at the moment? I assume it will help you if you have a good reference from your current landlord. My landlord will be giving me a good reference (I've always paid my rent on time).

desperate_times

Yes I think a good reference from current landlord would be a big help. He asked for that as well! However, we have owned our house for the last ten years so just starting to rent. Good luck when you try. Hopefully I have better luck with the next one although this one has been string me along for two weeks before asking for all that detail.

Herbalus

Landlords can choose or decline tenants based on whatever criteria they wish. Some LLs are great, others are terrible. Ultimately it's down to them whether they accept you or not.

When you do find a LL that's willing to have you, good luck arguing with the EA that you don't need to pay £100 +VAT for a credit check because you're paying for the entire contract up front.

desperate_times

Herbalus wrote: »

Landlords can choose or decline tenants based on whatever criteria they wish. Some LLs are great, others are terrible. Ultimately it's down to them whether they accept you or not.

When you do find a LL that's willing to have you, good luck arguing with the EA that you don't need to pay £100 +VAT for a credit check because you're paying for the entire contract up front.

Yes my question was whether the requests of this landlord are likely to be the norm. Guess I will find out soon enough. I don't mind paying for the credit check just want to find somewhere to live.

westv

Herbalus wrote: »

Landlords can choose or decline tenants based on whatever criteria they wish.

Not quite true. It has to be legal of course.

Herbalus

westv wrote: »

Not quite true. It has to be legal of course.

Well, they can dress it up however they want, but they can choose not to let their property to somebody because they don't like them, or the colour of their shoes, or because they have a low IQ.

If a LL had a phobia of gingers, the LL would not be obligated to rent to a red-haired tenant even if they had a reference from the queen and earned 50x the rent. They could just say 'we'd prefer to rent to a couple with children' or similar, or a failed credit cheque or something equally vague. It doesn't make them clever or wise, but they aren't forced to rent their house to somebody.

gazter

Herbalus wrote: »

Well, they can dress it up however they want, but they can choose not to let their property to somebody because they don't like them, or the colour of their shoes, or because they have a low IQ.

If a LL had a phobia of gingers, the LL would not be obligated to rent to a red-haired tenant even if they had a reference from the queen and earned 50x the rent. They could just say 'we'd prefer to rent to a couple with children' or similar, or a failed credit cheque or something equally vague. It doesn't make them clever or wise, but they aren't forced to rent their house to somebody.

Ginger hair is very much a racial characteristic..... As much as an epicanthic fold or afro hair, certainly more so than all the cultural mission creep rubbish that has been wrapped up into the equality laws.

sandsni

Maybe the LL is afraid your "savings" could be the proceeds of crime and he's not keen on renting to someone who turns out to be a drug baron or whatever. It is relatively unusual for someone to have a lot of savings with no job or proof of earnings.


Ultimately the decision rests with the LL not the LA (after all it's the LL who stands to lose, not the LA).

FlyingCat

It is def possible to rent with no job. An old flatmate of mine did this for his half of our flat. 6 months were required to be paid upfront and proof of some savings needed.

But as always its at the discretion of the landlord or letting agents.

desperate_times

Have found another place where landlord and agent happy with proof of funds via bank statement and been assured that credit check/reference will not be a problem. Fingers crossed. Not even asking for 6 months rent up front.