Private renting, rent upfront.

PinkBow22

Myself and partner are looking to move we also have two young children, I have a clear credit file, my partner has poor credit with an old ccj, we have no guarantor. However I have a large amount in savings through inheritance, we were going to buy but found that difficult with partners credit file.
We have been thinking of offering a potential landlord/lady a full years rent up front and/or a larger deposit.. Will this give us any benefit in private renting, or will we still find it very tricky for a landlord to accept us with no guarantor and partners poor credit?
I thought we may be less risk due to no risk the rent not being paid and protect against any damage with a larger deposit, but is there an insurance risk by accepting us?
Any advise on how we can more likely secure a place privately?

G_M

No benefit but lots of risk.

Some LLs are suspicious of tenants wanting to pay upfront - it's what pimps, drug dealers, cannabis farmers, people smugglers do in order o try to keep the LL at armslength.

If the LL defaulted on their mortgage and got repossessed, you'd not only be homeless, but out of pocket too.

I could go on but you get the picture.....

Ingah

PinkBow22 wrote: »

Myself and partner are looking to move we also have two young children, I have a clear credit file, my partner has poor credit with an old ccj, we have no guarantor. However I have a large amount in savings through inheritance, we were going to buy but found that difficult with partners credit file.
We have been thinking of offering a potential landlord/lady a full years rent up front and/or a larger deposit.. Will this give us any benefit in private renting, or will we still find it very tricky for a landlord to accept us with no guarantor and partners poor credit?
I thought we may be less risk due to no risk the rent not being paid and protect against any damage with a larger deposit, but is there an insurance risk by accepting us?
Any advise on how we can more likely secure a place privately?

I see some similarities with the situation myself and partner are currently in (her being the one with an old CCJ and poor credit from where she defaulted years ago and has been paying slowly ever since - and me being the one with a large pile of savings and a good credit history). It's a frustrating place to be as while you can easily afford it...

I'm thinking the best thing to do is be open and explain the situation (ideally face to face), and show willingness to provide 3 months rent up front if the LL is concerned (and perhaps think carefully about entering into a tenancy with a LL who doesn't have the sense to be at least a little concerned about your ability to pay!)

Instinctively (as someone who has given BTL some serious consideration) I would feel suspicious of anyone offering as much as a year up front, for the reasons given by G_M. And besides which, that's a lot of trust to be giving to a stranger... (even with a receipt, it's not easy to get money back from someone who decides not to pay).

Good luck, let us know how you get on - I know i'll find the feedback useful for my house hunting.

[Deleted User]

Plus, what if u mistakenly rent a terrible place with an awful LL? You don't always know before you move in.

Does your partner have actual CCJ's or a bankruptcy? This is all that will show up in any credit check done by a LA or LL. Does he have bank statements showing his financial management has improved? If he does, taking these when seeing a LL will help show them you aren't as bad a risk as it might seem.

AnotherJoe

I would go and see a broker and reinvestigate getting a mortgage.