What documents do I need to rent a property if I am retired?

SandyN21

Apologies for the long post.....

Two and half years ago when I took voluntary redundancy after working 30 years with the same company, I made the decision to take early retirement and currently receive three company pensions - I'm not at State Pension age.  The same year I also got divorced.

My ex and I live in London in a mortgage-free house which is sold 'subject to contact' to a first time buyer.  Once completed,  I will be renting in my local area for 12 months to consider my options on which areas I want to move to and if I want another house or a flat.  Whatever I buy will be a cash purchase.

Even WITHOUT the proceeds of my share of the house sale, my savings could easily cover the rent for 12 months but my question is....what documents will I have to provide to prove this - would just showing my £40K holdings in Premium Bonds be enough without having to show my other savings or bank account details - and if I need references where would I get these from if I haven't worked for so long?  And would offering to pay 9 months rent in advance be a sufficient guarantee?  I also have no outstanding credit card or loan debts.

Thanks

youth_leader

Unfortunately landlords don't take savings into account, only regular income is counted.  I was asked to upload three months of bank statements to prove my income. 

lisyloo

You have income from 3 pensions?
is there an issue with providing evidence of the income from these?
or are you concerned it’s insufficient?

Loza2016

When I worked in lettings not that long ago our referencing company did take savings into account. Tenant had to provide proof of income or sufficient savings. 

We had a few tenants pass who weren’t working but had decent savings. 

lisyloo

Loza2016 said:

When I worked in lettings not that long ago our referencing company did take savings into account. Tenant had to provide proof of income or sufficient savings. 

We had a few tenants pass who weren’t working but had decent savings. 

Isn’t pension income still income? Although unearned?
i would have thought it was more reliable

Flugelhorn

I acted as guarantor for son (who doesn't earn enough) - I uploaded annual pension statement and that was enough (don't get monthly statements)

Jaybee_16

Last year I found myself in the situation that I needed to rent somewhere. In a similar situation to the OP that I hadn't worked for a few years but wasn't at normal retirement age. Letting Agent asked for references and guarantor.

Told them I'd never rented before so have no references and couldn't provide a guarantor. Sent them copies of bank statements showing three very small pensions and the bank balance after selling my flat. That was enough to satisfy them.

canaldumidi

Different landlords and/or agents will want differet things.

The trouble with savings is they run out. You may have 12 months rent in savings, but what happens in month 13? So the LL will probably want evidence of the pensions.

Slithery

There is no 'standard' paperwork. It's up to each individual LL what they ask for.

Loza2016

lisyloo said:

Loza2016 said:

When I worked in lettings not that long ago our referencing company did take savings into account. Tenant had to provide proof of income or sufficient savings. 

We had a few tenants pass who weren’t working but had decent savings. 

Isn’t pension income still income? Although unearned?
i would have thought it was more reliable

Yes it is. I was just saying that it is possible to use savings with no income at all. 

theartfullodger

No documents are required, it's up to each landlord/agent to decide.

Just as any tenant can demand whatever documents of landlord/gent tenant wishes.

Best tenants I ever had were with reference from neighbour I knew :. "Mr Artful, they very nice people"  (they were).

Artful, retired, getting the usual 6 benefits....