First Time Renter

harlowjean

greatcrested said:

harlowjean said:

greatcrested said:

They might want to verify your income to see it's enough to pay for the rent, and they might want confrmation your job is not temp.

As a fall-back, would your mum act as guarantor if necessary? It's a big commitment (for her) as she'd be liable for any debts you incur.

! I was thinking of using a service as a last resort, but I'm not sure if it's a smart move?

Can't comment as I've no idea what you mean.....

There are services like housinghand or ukguarantor that can act as one since not everybody has access to one.

harlowjean

d2446679 said:

harlowjean said:

Comms69 said:

What other stuff do you think they check, because you've listed the extent of the credit checks already

I don't know, I think I'm just overreacting! I do have a Klarna account, so I guess I'm worried that's going to show up?

From their site: 

Does Klarna impact my credit score?
..
Klarna’s ‘Pay later’ products are ‘Pay 30 days later’ and ‘Instalments’ (formerly ‘Pay in 3’) which have no interest or fees, ever. These two products are Klarna UK’s most widely used and are exempt from a regulatory point of view, whereby consumers do not enter into a regulated credit agreement with Klarna.
...
To use ‘Pay 30 days later’ or ‘Instalments’, a soft credit check is undertaken by Klarna on the customer. This does not leave a record on their credit file that will either impact the customer’s credit score or is visible to other lenders. For a customer’s credit file to be impacted, a lender would have to submit missed payment information to the credit reference agency (CRA). Klarna does not report missed payments to the CRA in relation to these products. It is therefore not accurate to say that “Klarna’s ‘Pay later’ schemes damaging millions of shoppers’ credit scores”. To date, a customer’s credit score has not been impacted by using Klarna’s ‘Pay later’ products even if they have failed to pay on time.

I can totally understand feeling anxious about the credit checks for renting as I've been there!

It was a few years ago now, but for the income affordability bit the figure I heard was income (joint if you are more than one person) should be 40x the rent... for example if the rent is £500 a month then your (joint) income needs to be £20,000. Not sure if that applies any more but it seems sensibly in proportion. (Also it's a very broad way of calculating that doesn't take into account individual circumstances, but these 'agencies' are often quite criteria driven like that.)

Do you have the option to offer a number of months rent up front (don't volunteer this at first!) as a fallback option?

i'm so dumb i didn't even think to check honestly, thank you so much!
no, i can't really afford to put down a lot, if anything, i'm already paying a month in advance. i know this sounds dumb but i just need to move so i didn't even think about paying in advance or anything. that's being 21 and dumb i guess

[Deleted User]

harlowjean said:

brett19852010 said:

I think there is an affordability issue in there unless bills are included in your rent. 550 + bills off that salary is not a good ratio.
Ask the landlord if you will require a guarantor based on a calculation of your rent vs salary.

I have asked, it's a company and he said that we can look into it if there are any issues but I don't really have a good relationship with my family and don't have anyone I can ask to be a guarantor so I guess we'll see. I had my doubts anyway lol

I'd presume to be paying 850 a month including council tax, internet, gas, electric, water, tv licence, possessions insurance. A house share is generally a lot cheaper and necessary for most young singles if in major cities.

macman

So how are you going to afford the deposit and the first month's rent if you can hardly afford to put down anything?
I suggest you do a proper budget: don't forget council tax as well must be added to the list above.

harlowjean

macman said:

So how are you going to afford the deposit and the first month's rent if you can hardly afford to put down anything?
I suggest you do a proper budget: don't forget council tax as well must be added to the list above.

I've sold a lot of my stuff to be able to afford the deposit, etc. I mean I can't afford to put down like 3 months rent in advance.

harlowjean

Not that anybody cares (lmao) but I got it and I am moving in soon