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First time renting - Help please
Comments
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It's very affordable between two people sharing a flat though. Our "joint" income will be over £40,000 so a £900 PCM is £450 each which IMO isn't too bad, I'm paying my mum £250 to live at her house as it is.
I wouldn't be able to afford it if I was renting on my own would be far too expensive unless a future of eating rice, pasta and beans is on my horizon.
If you were a LL asking questions on here:
The first bit of advice that I would give in terms of salary is that EACH person should be able to pay the whole rent.
You are each liable for the whole property, not 50% each.0 -
It's very affordable between two people sharing a flat though. Our "joint" income will be over £40,000 so a £900 PCM is £450 each which IMO isn't too bad, I'm paying my mum £250 to live at her house as it is.
Yes, it sounds fine.
As joint-tenants you do not have to each be able to pay the whole rent, and I don't think agents/landlords will require it.0 -
It's very affordable between two people sharing a flat though. Our "joint" income will be over £40,000 so a £900 PCM is £450 each which IMO isn't too bad, I'm paying my mum £250 to live at her house as it is.
I wouldn't be able to afford it if I was renting on my own would be far too expensive unless a future of eating rice, pasta and beans is on my horizon.
Are you in a relationship with this person?
It's not "joint" income.
Maybe that's the reason why you need a guarantor and pay additional fees for them to be credit checked. That guarantor will be guaranteeing the whole rent due and any damages and not just your portion of it.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
Are you in a relationship with this person?
It's not "joint" income.
Maybe that's the reason why you need a guarantor and pay additional fees for them to be credit checked. That guarantor will be guaranteeing the whole rent due and any damages and not just your portion of it.
No just friends, it may well explain the additional fees which is a shame. I do have the savings to afford it but am very surprised by just how much it's going to cost.
How do young professionals look to share with other young professionals if they don't consider both incomes when letting a flat?0 -
No just friends, it may well explain the additional fees which is a shame. I do have the savings to afford it but am very surprised by just how much it's going to cost.
How do young professionals look to share with other young professionals if they don't consider both incomes when letting a flat?
They do consider both incomes. But a prudent LL would ask for a guarantor if one cannot afford the whole rent.
The other option is to rent on separate tenancies. This typically costs 'more' but your total liability is less.0 -
No just friends, it may well explain the additional fees which is a shame. I do have the savings to afford it but am very surprised by just how much it's going to cost.
How do young professionals look to share with other young professionals if they don't consider both incomes when letting a flat?
If you've got the savings then pay 6 months rent upfront. You may not need a guarantor if you've paid everything that is due under the contract and that will save you having to pay the guarantor credit checking fees.:footie: Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
But a prudent LL would ask for a guarantor if one cannot afford the whole rent.
Not really... But many people tend to go over the top, requiring guarantor, taking rent guarantee insurances, etc. without having an actual assessment of the actual risk.
Certainly, agents have an interest in charging for fees, so that's also to keep in mind.0 -
Miss_Samantha wrote: »Not really... But many people tend to go over the top, requiring guarantor, taking rent guarantee insurances, etc. without having an actual assessment of the actual risk.
Certainly, agents have an interest in charging for fees, so that's also to keep in mind.
Ok, in my opinion, a prudent landlord should ask.....
I agree about the fees agents charge, it's their profit margins.
But If one tenant's income was 15,000 and the other 30,000, certainly there'd be concerns raised in my mind about affordability for tenant A, but Tenant B is able to cover the whole rent.
In this case the OP says it's 21,000 + X for a total of over £40,000 - which could mean neither could afford the full rent.0 -
What about http://www.spareroom.co.uk/ you might find somewhere with two rooms going so you could still live with your friend. You wouldn't have an many up front costs depending who you pick, and if you don't like it, it would be easier to move once you know the area better.MFW OP's 2017 #101 £829.32/£5000
MFiT-T4 - #46 £0/£45k to reduce mortgage total
04/16 Mortgage start £153,892.45
MFW 2015 #63 £4229.71/£3000 - old Mortgage0 -
Maybe something like this one? I don't know manchester so I don't know if that is the right area, but as it has bills included would be a lot cheaper for you too.
http://www.spareroom.co.uk/flatshare/flatshare_detail.pl?flatshare_id=3409479&search_id=300127708&city_id=&flatshare_type=offered&search_results=%2Fflatshare%2F%3Foffset%3D10%26search_id%3D300127708%26sort_by%3Dage%26mode%3Dlist&MFW OP's 2017 #101 £829.32/£5000
MFiT-T4 - #46 £0/£45k to reduce mortgage total
04/16 Mortgage start £153,892.45
MFW 2015 #63 £4229.71/£3000 - old Mortgage0
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