Renting a property - No Guarantor but with good credit rating and can pay up front

thechaosengine

I have recently split from my long-term partner and want to rent a two bedroom flat in Hereford. I lived in my ex-partner's rented council flat for 20 years and was not on the tenancy agreement.

I am a 54-year-old woman and have a good credit rating. I have substantial savings which would enable me to pay a lot of rent in advance if necessary. (I do understand the risks of paying rent up front)

Unfortunately, I am not working at the moment and do not have a guarantor or any rental references. The first letting agent in Hereford that I approached is insisting upon a guarantor to even consider me as a prospective tenant.

I am staying at a friend’s house, but the landlord has said I have to move out soon. It is a one bedroomed flat and would be a breach of the tenancy agreement if I stay any longer.

My questions are:

1. Will all the local letting agents insist on a guarantor if I approach them?
2. What other options do I have to find a flat to rent quickly?

lees80

Some (probably most) agents will see you as a risk which is why they ask for a guarantor.

Are you claiming any benefits? Help with rent? Your only real option is to approach the council as you are going to be potentially homeless.

A lot of people consider being able to pay up front a good thing. The reality, from a landlords perspective, is that you have nothing to guarantee how you will pay the rent when that advance payment is up. That is a risk that most landlords wouldn't consider taking. 

Retired_Mortgage_Adviser

The important bit is your income. Do you have any benefit income? Some income, combined with upfront rent could help you circumvent the lack of a guarantor.

Another option (depending on how much cash you have up front) is a short let (6 months, rent in full in advance). But this will be more expensive and might only be an option if you are in an large town/city.

You could also consider renting a room as a lodger. The landlord is unlikely to be bothered about the long term as he/she can ask you to leave at short notice. 

Another thing to note is that since the tenant fee ban and 5-week cap on deposits, some landlords are reluctant to take a large sum of money in advance rent.

shinytop

thechaosengine said:

I have recently split from my long-term partner and want to rent a two bedroom flat in Hereford. I lived in my ex-partner's rented council flat for 20 years and was not on the tenancy agreement.

I am a 54-year-old woman and have a good credit rating. I have substantial savings which would enable me to pay a lot of rent in advance if necessary. (I do understand the risks of paying rent up front)

Unfortunately, I am not working at the moment and do not have a guarantor or any rental references. The first letting agent in Hereford that I approached is insisting upon a guarantor to even consider me as a prospective tenant.

I am staying at a friend’s house, but the landlord has said I have to move out soon. It is a one bedroomed flat and would be a breach of the tenancy agreement if I stay any longer.

My questions are:

1. Will all the local letting agents insist on a guarantor if I approach them?
2. What other options do I have to find a flat to rent quickly?

Try another agent. The way I got there was different but I had no job, no income and no landlord references. I took out a 6 month lease and payed in advance with no problems at all; in fact it was very easy because the only check to be done was a credit check, which is instant.  It was not more expensive; I payed 6 times the monthly rental.  I will get a Section 21 after 4 months; I then either pay another 6 months or leave and the end of the lease.  I'm assuming you will have an income in the longer term or can pay from savings after the initial period.  Please don't do this if not.

shinytop

Retired_Mortgage_Adviser said:

The important bit is your income. Do you have any benefit income? Some income, combined with upfront rent could help you circumvent the lack of a guarantor.

Another option (depending on how much cash you have up front) is a short let (6 months, rent in full in advance). But this will be more expensive and might only be an option if you are in an large town/city.

You could also consider renting a room as a lodger. The landlord is unlikely to be bothered about the long term as he/she can ask you to leave at short notice. 

Another thing to note is that since the tenant fee ban and 5-week cap on deposits, some landlords are reluctant to take a large sum of money in advance rent.

In my case it's not the landlord who gets the advance rent; it's the agent, who then pays the landlord monthly.