Unable to move house with a guarantor.

RedPen1990

Hi all,

Not sure if anyone has any advice but I'm getting quite frustrated.

Me and my husband have been in our rented house now for almost 11 years. In that time, we've had our daughter, but also had debt problems due to redundancies/only being able to get part time jobs/etc.

Since the beginning of last year, we have both finally been settled in well paid jobs. Our daughter is coming up to 11 years old, so we are looking at moving as we only live in a rented small two bed house, and her room is really not ideal for her now she is getting older.

Basically our credit is not very good, and we have offered landlords/agencies a fully able guarantor (my sister in law) who earns about 35-40k a year, or even a few months rent upfront to be able to get into a property. Even though prices are double what we are paying currently! (Don't get me started on rental prices).

No one will accept this. Are we basically doomed to not move until our credit score is nearly perfect?

I've scoured locally trying to find anyone who is a private landlord, as that's our tenant situation right now, and they are so few and far between. I've actively been to viewings/enquired online for 18 months now, and have had zero luck.

I just want to give our family a fresh start after years of scraping by and it seems it is impossible to do so.

Has anyone else been in this situation and somehow got out of it? 

TIA.

DE_612183

If you are both well paid - have you looked at help to buy schemes?

RedPen1990

@DE_612183 I would assume you would still need to pass a credit check for any help towards buying? Unless I'm completely wrong, which is possible! 😂

DE_612183

RedPen1990 said:

@DE_612183 I would assume you would still need to pass a credit check for any help towards buying? Unless I'm completely wrong, which is possible! 😂

Yes, but the goalposts may be different - a lot of help to buy are targeted at people in your situation, whereas private landlords just want low-risk people...

RedPen1990

@DE_612183 I know the government run help to buy schemes are closed now, and I'm unsure of any others, but I might keep an eye out and see if anything pops up. 

kingstreet

RedPen1990 said:

@DE_612183 I know the government run help to buy schemes are closed now, and I'm unsure of any others, but I might keep an eye out and see if anything pops up. 

Shared Ownership also comes under the HTB banner it's only Equity Loan which ended last year.

propertyrental

DE_612183 said:

RedPen1990 said:

@DE_612183 I would assume you would still need to pass a credit check for any help towards buying? Unless I'm completely wrong, which is possible! 😂

........................... whereas private landlords just want low-risk people...

But if the guarantor is low-risk (and signs a 'proper' Deed of Guarantee') that's equally low risk.

Yes, many agencies (not all) have blanket negative policies towards guarantors. Just keep asking. And many LLs who let properties direct will accept guarantors. Again, keep looking/asking.

MultiFuelBurner

You may be one of the many victims of the current rental market conditions.

Lots of potential tenants applying for each available property and the agent/LL able to cherry pick what they believe will be best for them.

RedPen1990

@propertyrental That was my thought as well. I can also provide a landlord reference which we have already obtained, proving that we have never missed a rental payment in 11 years. I would think a guarantor would be acceptable as long as they are thoroughly checked as if we were to ever miss a payment (which we wouldn't anyway) they would still get their money. Basically, we can prove affordability, proof off non missed rental payments, and even offer a couple of months rent up front, yet an adverse credit score is stopping us.

Just at a loss at the moment and it gets you down when you get nowhere with agencies/LLs. I'll keep trying no doubt though.

km1500

to answer your specific question I think no you will not be able to move in the current climate at least to a rental property

landlords have a many many applicants per property and will choose one with perfect credit history, a high income and even then probably demand a guarantor

MorningcoffeeIV

RedPen1990 said:

Basically, we can prove affordability, proof off non missed rental payments, and even offer a couple of months rent up front, yet an adverse credit score is stopping us.

Just clarify (as otherwise you will still be worrying for years to come) your credit score isn't stopping anything.

It's the data on your files which is the issue. Once that has gone, your situation will improve, even though your score will tank further.