keysafe tenant vetting legit?

MidlandsGlory

My son is moving into a 2nd year uni shared student house next term.

We have had from the letting agent links to be vetted as guarantors by a company called Keysafe. It appears they want (through open banking) access to our bank account which we are finding very alarming.

Looking at the financial services and open banking registers as advised by Martin on this site, they are on the financial services register (but with a marker they are being chased for renewal of their details this year). They don't appear on the open banking site under their own name (its possible they use a 3rd party or other name I suppose). From what I can find about open banking it gives them read only access to past transactions. 

From the very mixed result 3rd party review sites, landlords seem to like them, but tenants hate them. I gather they are cheap.

Has anyone had to go through this with this company and was it OK? 

It seems we don't have much choice but to do this procedure as student housing is in dire supply and the one my son had already organised to final stage fell through when 2 other students pulled out and everyone lost their deposit (Grrr!).

dimbo61

Inform the Lettings agents what you have found out about Keysafe and that you are concerned about GDPR compliance.
As a student Landlord myself I ask for Parent guarantors as students have No credit history but we use the NRLA guarantor form and don't ask for bank details or Income.

I am hoping it was just a holding deposit of one week's rent ?

dimbo61

We are accredited Landlords with Manchester Student Homes a University owned and run office/website with support for students and Landlords in finding suitable accommodation.
Your son maybe elsewhere in the country but check out the website 


https://www.manchesterstudenthomes.com/Accommodation

canaldumidi

MidlandsGlory said:

My son is moving into a 2nd year uni shared student house next term.

We have had from the letting agent links to be vetted as guarantors by a company called Keysafe. It appears they want (through open banking) access to our bank account which we are finding very alarming.
......

Just add a separate potential issue: what exactly are you 'guaranteeing'? It is likely to be the rent for the property ie the full rent, not just your son's 'share'.

If your son's tenancy agreement is a 'joint and several' contract then he, like his house-mates, is fully responsiblefor the full rent,so as garantor so will you be.

Of course, if his contract is in his sole name ie just for a room in the shared house, then you are just guaranteeing his rent (which is for the room not the house).

MidlandsGlory

dimbo61 said:

Inform the Lettings agents what you have found out about Keysafe and that you are concerned about GDPR compliance.
As a student Landlord myself I ask for Parent guarantors as students have No credit history but we use the NRLA guarantor form and don't ask for bank details or Income.

I am hoping it was just a holding deposit of one week's rent ?

Thanks for response, we will raise it but I fear with the dire shortage in the area (not your area sadly) the landlord can say take it or leave it.

We have absolutely no problem with providing financial records, references, employer references and such. The big concern is giving banking access to such a company. Really why I am looking for specific experiences of people with this company...

MidlandsGlory

canaldumidi said:

MidlandsGlory said:

My son is moving into a 2nd year uni shared student house next term.

We have had from the letting agent links to be vetted as guarantors by a company called Keysafe. It appears they want (through open banking) access to our bank account which we are finding very alarming.
......

Just add a separate potential issue: what exactly are you 'guaranteeing'? It is likely to be the rent for the property ie the full rent, not just your son's 'share'.

If your son's tenancy agreement is a 'joint and several' contract then he, like his house-mates, is fully responsiblefor the full rent,so as garantor so will you be.

Of course, if his contract is in his sole name ie just for a room in the shared house, then you are just guaranteeing his rent (which is for the room not the house).

We will check, certainly the one that fell through was sole responsibility. Have not had time to read in detail yet as it came through last night and have been researching what open banking access actually means first. Like most people first reaction was you want me to do what!!!