Renting with big savings but no income.

penbat40

I have big big savings but no income. Would it be a problem for me to rent ? I could offer to pay 12 months in advance but that may not be accepted and the money would be wasted if I moved before then.

foxy-stoat

Who is going to sign up and pay for a 12 months tenancy then move before the 12 months is up?

Maybe you should look at other options, become a lodger?

Where are you living at the moment?

coffeehound

It depends on how large your savings are. One lettings agent in northern England last year stated they would only accept someone as being an acceptable tenant for their more-affordable properties if they had savings over £18k.

Typically, the credit check will reject you if you do not have continuing income from either from work or benefits.

PasturesNew

https://www.openrent.co.uk - find a private landlord.

Agencies will just do a (useless) credit check and you'll get knocked back in preference for somebody on NMW flipping burgers because they have a job

I'm needing accommodation and have avoided agents because I know that without an income you're just tossing credit check money down the drain to probably get a "no" ...

As my needs are short term I've been looking for winter lets and short lets on airbnb and spareroom.

OldMusicGuy

I'm renting between house sale and purchase. I just paid six months in advance as I am retired and living off savings. Then after that I pay monthly. As 6 months is usually the minimum term, that worked for me and assuaged any fears that the agent/landlord had.

worried_jim

penbat40 wrote: »

I have big big savings but no income. Would it be a problem for me to rent ? I could offer to pay 12 months in advance but that may not be accepted and the money would be wasted if I moved before then.

So you are semi retired / self employed.

penbat40

Thanks guys. I am 65 and retired. I cashed out my private pension so have big savings from that. I also own a house which I was thinking of selling to give me even bigger savings. I will be getting a small state pension next June but it would not be enough to pay the rent on its own.