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Renting when self employed

mixi82
mixi82 Posts: 3 Newbie
in House buying, renting & selling
Little bit of a complicated one but hoping someone could advise. I'm currently living in service families accommodation and due to leave the service on 28th April, this is also when my tenancy agreement ceases. I'm still receiving a full time wage from my job until this date but I'm also doing self employed work and will continue to be self employed from 28th April. My income from my self employment hasn't brought in any earnings yet so I haven't got anything to prove income in that respect. Although I have savings and enough to pay a 6 month upfront rental if necessary and this will allow time for the business to pick up and cover future rent.

I guess what I'm trying to say is, will a landlord accept me based on my circumstances? As I have no income to prove from being self employed(other than my current full time wage), am I going to be able to find a property?

Comments

  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    mixi82 wrote: »
    Little bit of a complicated one but hoping someone could advise. I'm currently living in service families accommodation and due to leave the service on 28th April, this is also when my tenancy agreement ceases. I'm still receiving a full time wage from my job until this date but I'm also doing self employed work and will continue to be self employed from 28th April. My income from my self employment hasn't brought in any earnings yet so I haven't got anything to prove income in that respect. Although I have savings and enough to pay a 6 month upfront rental if necessary and this will allow time for the business to pick up and cover future rent.

    I guess what I'm trying to say is, will a landlord accept me based on my circumstances? As I have no income to prove from being self employed(other than my current full time wage), am I going to be able to find a property?
    If you've got the money to pay 6 months rent up front then yes you can find a landlord to rent a property to you.

    I do not have any provable income yet I do have savings and I find it easy enough to find property to rent. There's no requirement to work if you don't wish to. As long as you're not claiming benefits then there shouldn't be a problem. That would mean not only paying 6 months rent up front but also having more than £16,000 in the bank which would disqualify you from housing benefit.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • mixi82
    mixi82 Posts: 3 Newbie
    OK great news!

    Just to clarify though, when you said "but also having more than £16,000 in the bank" does that mean I need to have that additionally to my 6 months rent to be accepted on a property or just that applies with regards to housing benefit?
  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    mixi82 wrote: »
    OK great news!

    Just to clarify though, when you said "but also having more than £16,000 in the bank" does that mean I need to have that additionally to my 6 months rent to be accepted on a property or just that applies with regards to housing benefit?

    That just applies to housing benefit. If you have more than that you don't get housing benefit. Some landlords don't want tenants on housing benefit so if you can prove you would not be entitled to it then you might have a better chance of getting the property with no income and living off savings.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • mixi82
    mixi82 Posts: 3 Newbie
    Brilliant, thank you. I don't have anything like that in the way of savings, just enough for rental upfront. Thanks so much for your help :)
  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    mixi82 wrote: »
    Brilliant, thank you. I don't have anything like that in the way of savings, just enough for rental upfront. Thanks so much for your help :)

    Even though you've paid all the rent upfront you would be entitled to housing benefit so make sure the landlord can accept tenants on housing benefit before paying any money over for fees.

    Housing benefit is always paid in arrears after you've paid the rent.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
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