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renting affordability
want2bmortgage3
Posts: 1,966 Forumite
hi, just wondering what checks estate agents do in order to allow someone to rent somewhere?
how do they decide whether someone can afford the rent? is there a calculation they do based on your income and does it include overtime?
any info appreciated!
how do they decide whether someone can afford the rent? is there a calculation they do based on your income and does it include overtime?
any info appreciated!
0
Comments
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Generally they want you to receive 30 x the monthly rent as an annual salary. Unless it's guaranteed (ie contractual), overtime generally isn't taken into consideration.We may not have it all together, but together we have it all :beer:
B&SC Member No 324
Living with ME, fibromyalgia and (newly diagnosed but been there a long time) EDS Type 3 (Hypermobility). Woo hoo :rotfl:0 -
Thanks emmylou, so somebody earning 24000 would have a budget of 800 a month for example.0
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want2bmortgage3 wrote: »Thanks emmylou, so somebody earning 24000 would have a budget of 800 a month for example.
That is correct.0 -
no hard rules, I earn less than 30x.0
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LA's do differ in their affordability formula.., some use 30x some 26x in this area. Best to ask.
Also ask what their fees are (credit check, holding fees, admin, and checkout fees as well) and what deposit they require.
I came across one LA that wanted nearly £500 in various fees for a place that was only £600 a month! Most agencies are lower, but not all. Its best to spot the high fee ones early.0
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