Prospective landlord has asked for 3 months of bank statements?

PeteBlackerThe3rd

My partner and I are trying to rent out next home at the moment, and the landlord of one of the properties we're looking at has asked for three months of banks statements from us both. For me this has raised alarm bells, I would be very uncomfortable giving out such important personal information. I suspect they're trying to avoid paying for a proper credit check and asking for the statements so they can do it themselves, if so this also makes me uncomfortable.

Is this request normal or very unusual? Does anyone know if there are regulations which cover this process for renters?
Thanks in advance.

Comms69

It's fairly common. I wouldnt do it. I'd also ask the LL for 3 months of their statements...

There are not regulations surrounding this aspect (aside data protection; so your information in theory shouldnt be shared beyond the LL)

princeofpounds

It's unusual but it's not unheard of.

Apart from general data protection laws I don't believe it is specifically addressed in law. Perhaps someone will correct me if I'm wrong.

You either agree or you don't. I wouldn't, but principles are cheap when you're not really looking for housing. 

Hasbeen

PeteBlackerThe3rd said:

My partner and I are trying to rent out next home at the moment, and the landlord of one of the properties we're looking at has asked for three months of banks statements from us both. For me this has raised alarm bells, I would be very uncomfortable giving out such important personal information. I suspect they're trying to avoid paying for a proper credit check and asking for the statements so they can do it themselves, if so this also makes me uncomfortable.

Is this request normal or very unusual? Does anyone know if there are regulations which cover this process for renters?
Thanks in advance.

As above quite common, some also ask for your recent pay slips and references from your employers etc.

Not all landlords are willing to pay for credit checks. So will do their own. Why does it make you uncomfortable? Is a big credit checking agency checking everything about you better?

If you do not like it, walk away.

tom9980

To give you an idea of why, I had tenants referenced last year they passed all checks and I was offered rent guarantee insurance, their income was over £5k gross per month the rent was under £800 a month. They left suddenly before the pandemic and the letters coming in the post show they are in many thousands of debt, some of which is as old as 10 years ago. Credit checks are historic records and they are only of any use if they are up to date and companies actually bother to enforce debts. It often takes a year for someone to be taken to court and get CCJ's, this is why a landlord asks for bank statements which is what i did but the problem is they clearly gave me the most favourable statements when they had other bank accounts in serious debt.

The fact is I was lucky that they left because my rent guarantee insurance was worthless when the company decided it would not pay during the pandemic because the government changed the law on notice from 2 months to 3 months.

princeofpounds

Hasbeen said:

Not all landlords are willing to pay for credit checks. So will do their own. Why does it make you uncomfortable? Is a big credit checking agency checking everything about you better?

Yes a big credit checking agency is better. Firstly, they don't get to see intricate details of your personal expenditures, just a record of your credit history. Secondly, you don't have to sustain an ongoing, and sometimes quite personal, relationship with them. I've come across weird stalker landlords in my time who would ask you the brand of suppository you use if they could get away with it. 

At some level there is a red line on privacy which needs to be defended. It may be different for different people, and I'm not sure that this is the hill I would seek to die on if I really wanted the house. But people should realise that they have a choice around how to deal with invasive requests, even if there is a price to pay for it.

AdrianC

There's no GDPR issue - they are asking, you can choose whether to comply or not. So long as they don't retain copies insecurely, there's no issue.

Is it normal? No. You don't have to agree. Equally, they don't have to rent you the property.

theartfullodger

Indeed, ask Landlord for 3 months of his bank statements, evidence that any lender has provided permission to rent out and copy of current Landlord insurance certificate for the property.  And in Scotland check they are a registered Landlord (fine of up to £50k if not)

PeteBlackerThe3rd

Hasbeen said:

PeteBlackerThe3rd said:

My partner and I are trying to rent out next home at the moment, and the landlord of one of the properties we're looking at has asked for three months of banks statements from us both. For me this has raised alarm bells, I would be very uncomfortable giving out such important personal information. I suspect they're trying to avoid paying for a proper credit check and asking for the statements so they can do it themselves, if so this also makes me uncomfortable.

Is this request normal or very unusual? Does anyone know if there are regulations which cover this process for renters?
Thanks in advance.

As above quite common, some also ask for your recent pay slips and references from your employers etc.

Not all landlords are willing to pay for credit checks. So will do their own. Why does it make you uncomfortable? Is a big credit checking agency checking everything about you better?

If you do not like it, walk away.

To be clear I'm not bothered about them checking my finances. I'm concerned about giving away information which would be very valuable for identity fraud to, essentially, some random person I've just met! Credit checking agencies are at least properly regulated and audited in their use of personal data.

princeofpounds

PeteBlackerThe3rd said:

To be clear I'm not bothered about them checking my finances. I'm concerned about giving away information which would be very valuable for identity fraud to, essentially, some random person I've just met! Credit checking agencies are at least properly regulated and audited in their use of personal data.

You can redact sensitive personal details if you like (current address, most digits of account numbers etc). Usually that's ok. Black marker.

davidmcn

PeteBlackerThe3rd said:

Hasbeen said:

PeteBlackerThe3rd said:

My partner and I are trying to rent out next home at the moment, and the landlord of one of the properties we're looking at has asked for three months of banks statements from us both. For me this has raised alarm bells, I would be very uncomfortable giving out such important personal information. I suspect they're trying to avoid paying for a proper credit check and asking for the statements so they can do it themselves, if so this also makes me uncomfortable.

Is this request normal or very unusual? Does anyone know if there are regulations which cover this process for renters?
Thanks in advance.

As above quite common, some also ask for your recent pay slips and references from your employers etc.

Not all landlords are willing to pay for credit checks. So will do their own. Why does it make you uncomfortable? Is a big credit checking agency checking everything about you better?

If you do not like it, walk away.

To be clear I'm not bothered about them checking my finances. I'm concerned about giving away information which would be very valuable for identity fraud to, essentially, some random person I've just met!

If you think your prospective landlord is going to be carrying out identity fraud then you should be walking away anyway, surely?