Will I pass my tenancy referencing?

NobleBlackman

Hi guys, I'm a student that has paid for referencing so that I can rent this house I found. I'm a good few hundred overdrawn, but once I receive my student loan I'll be in the clear again. The overdraft is interest free and I'll likely have to keep dipping into it whilst renting this property, but there will be little risk of me ever going over the limit.

I'm wondering if I'll pass the referencing checks. If they check my credit history it should be very good, as I've never had bad credit or failed to pay any of the rent with my last property or anything. I've also provided a very strong gurantor for them. What do you guys think?

HappyMJ

You will pass if you have several defaults, arrears, late payments and huge amounts of debt. The referencing agency cannot see this information.

You will fail if you have a CCJ, have been declared bankrupt have entered into an IVA or a DRO. This is public information and your permission is not required to see this information.

NobleBlackman

So what you're saying, is that they cannot see my current balance without my consent? When I filled out the form I had to put in my account number and sort code

I've never paid bills late, had arrears or any of that other stuff. I'm mainly just worried that they may judge me to have insufficient income

HappyMJ

NobleBlackman wrote: »

So what you're saying, is that they cannot see my current balance without my consent? When I filled out the form I had to put in my account number and sort code

I've never paid bills late, had arrears or any of that other stuff. I'm mainly just worried that they may judge me to have insufficient income

They can't see your account balances even with your consent.

You could have entered random figures for the sort code and account number it means nothing.

Generally to be able to afford the rent your annual income needs to be at least 30 times the monthly rent before tax. If you earn that and have no other financial commitments which may or may not be taken into account then you'll pass.

NobleBlackman

Oh great, that's a huge relief. There's no chance of me earning 30 times my rent, but they can't expect that to be the case with me being a student.

Thanks for your help!