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Will I need a guarantor to rent?
greenorange
Posts: 327 Forumite
I moved into my first rental a year and half ago. As it was the first time I was renting, I needed a guarantor.
I'm moving out in August, and starting to look at new flats to rent. Is a year and a half history of renting enough for me to no longer need a guarantor, or will I still fail the application on this? I no longer have a guarantor.
My salary is more than 30x the rent, I'm full-time permanent for 3 years in my job, no problems with my credit, and I've got £ in the bank, so I can only see my limited history of renting being a problem.
I'm moving out in August, and starting to look at new flats to rent. Is a year and a half history of renting enough for me to no longer need a guarantor, or will I still fail the application on this? I no longer have a guarantor.
My salary is more than 30x the rent, I'm full-time permanent for 3 years in my job, no problems with my credit, and I've got £ in the bank, so I can only see my limited history of renting being a problem.
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Comments
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You will need to ask the letting agents. There is no national standard AFAIK.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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"more than 30x"?greenorange wrote: »My salary is more than 30x the rent
Are you comparing annual salary with monthly rent?
Because, if so, full-time minimum wage is 30x £530/mo...0 -
"more than 30x"?
Are you comparing annual salary with monthly rent?
Because, if so, full-time minimum wage is 30x £530/mo...
Some people talk about annual salary being 30 times monthly rent, others talk about monthly salary being 2.5 times monthly rent.
Rightmove suggests:To successfully pass referencing you will firstly need to meet the affordability criteria set. The calculation is normally that your monthly gross salary needs to be at least 2.5 times the monthly rent or thinking about it another way, your gross annual salary would need to be at 30 times the monthly rent.
Link: https://www.rightmove.co.uk/advice/renter/preparing-to-rent/reference-check/
But different letting agents / landlords might have different criteria.0 -
Same difference. 12 x 2.5 = 30Some people talk about annual salary being 30 times monthly rent, others talk about monthly salary being 2.5 times monthly rent.
My point was that annual salary of 30x monthly rent is hardly some massive comfort zone. It may well be leaving very little for other expenditure.
Full-time minimum wage = £16k gross = £1,200/mo after tax. £530 rent out of that leaves just £670/mo for everything else in life.0
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