Prospective landlord has asked for 3 months of bank statements?

wesleyad

I'm assuming they just want to check income and not total expenditure? I'd just redact everything except income, and maybe if you currently pay rent leave that in. They just want to see you get a regular income. I prefer seeing rent statements. I get tenants to redact everything apart from the rent payment. I dont find credit checks that useful. The one debt that doesn't appear on a credit statement is rent (unless you end up with a CCJ). You might be fine at paying your £20 phone bill, but a £1000 rent is a different matter.

[Deleted User]

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! Credit checking agencies are at least properly regulated and audited in their use of personal data.

There is a simple solution to this and that is to just blank out all details on the print outs that you want hidden.

They surely just want to see income and that you are financially able to pay your monthly rent so just leave on what you believe to be the relevant details. 

[Deleted User]

It sounds perfectly reasonable to me for a landlord to want to see evidence of income both from bank statements and an employment reference. This could show that a landlord is being careful about his selection of tenant, and I would assume would be in addition to credit checks.  We must acknowledge the possibility of a non-paying tenant would weigh heavily on a competent landlord. Also, landlord rent insurance policies tend to require the tenant to have a certain level of income compared to the rent.
Concerns around data protection apply to any of the communications or documents that you have with the landlord pre tenancy or thereafter - issues of how this information is stored or used. You could redact the documents as has been suggested. A more pertinent question to ask would be is the landlord ICO registered and a copy of the privacy policy. By all means you can refuse to disclose documents, and the landlord can then decide if you are a suitable tenant on the more limited information.

steampowered

You might still get asked for bank statements by bigger companies that do credit checks.

They will ask for proof that you have a certain level of income, and proof that you have been paying the rent on your previous property.; providing bank account statements is the easiest way to do that. 

I'd provide the statements and redact anything you aren't comfortable showing. The main thing is to show income from your job and payment of rent.

bhaisab

A house on my street was found to be a cannabis farm
the landlord tried to claim  for the damage from his insurance but there were several things he had to provide evidence of to submit a claim; rent paid by BACS, Photo ID, credit check/references as well as copies of utilities and bank statements.

Jumblebumble

theartfullodger said:

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)

If you were my prospective tenant how would seeing  statements from one of my four bank accounts assist you?

theartfullodger

Jumblebumble said:

theartfullodger said:

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)

If you were my prospective tenant how would seeing  statements from one of my four bank accounts assist you?

Sounds a bit defensive, what;s to be hidden?

It's amazing what you find from bank statements, but until you read them you don;t know what you'll learn.  At the very least I'd find evidence or not of you regularly paying mortgages.  Only 4 bank accounts?  I've got at least 6.

Kindly send me last 3 months statements of all 4 bank accounts & I'll gladly summarise my findings.  You've got nothing to hide, eh?

Artful:  Landlord since 2000.  It's always amazed me how rarely tenants ask to check simple bona fides of a landlord by asking.  Only once in 20+ years in my case (think they wanted to check I'd got the right mortgage type..).