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Should I accept a tenant on low income?

I live in Wales and have a 2 bedroom flat to rent. 

Someone has contacted me to say they would like to move in straight away but I’ve declined them as they can only afford the rent and bills based on their salary, and they said they will be reducing hours to become a student which they state they having savings to cover this. I have declined but is that the right thing to do? I feel
its too risky for them as they don’t know what they are getting into and also big risk to me?

Should I ask for guarantor or just decline and leave it as that as they have been in touch again stating how upset they are as the property is perfect for them?

Thanks!
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  • Brie
    Brie Posts: 9,267
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    I live in Wales and have a 2 bedroom flat to rent. 

    Someone has contacted me to say they would like to move in straight away but I’ve declined them as they can only afford the rent and bills based on their salary, and they said they will be reducing hours to become a student which they state they having savings to cover this. I have declined but is that the right thing to do? I feel
    its too risky for them as they don’t know what they are getting into and also big risk to me?

    Should I ask for guarantor or just decline and leave it as that as they have been in touch again stating how upset they are as the property is perfect for them?

    Thanks!
    Agree that you are right to be wary.  And I suspect if the property is that perfect you'll soon have someone else wanting it.  
    "Never retract, never explain, never apologise; get things done and let them howl.”
  • Zoe02
    Zoe02 Posts: 430
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    edited 12 December 2023 at 11:57AM

    I would not.

    A tenant offering guarantor is a red flag unless they pass referencing and affordability and the guarantor isn’t really required.

    I have had a tenant struggle with affordability. She was introduced through the council.
    Now only accept those who pass affordability of gross income of 24 to 30x monthly rent.

    Having a guarantor who is asset owning helps with low income but only select someone who can afford rent otherwise better to rent somewhere cheaper. 

  • km1500
    km1500 Posts: 2,120
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    no don't accept them
  • njkmr
    njkmr Posts: 99
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    Steer clear.
    Rent will be the first thing they can't pay when money becomes tight.
  • Mr.Generous
    Mr.Generous Posts: 3,265
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    njkmr said:
    Steer clear.
    Rent will be the first thing they can't pay when money becomes tight.

    Not can't - won't.
  • housebuyer143
    housebuyer143 Posts: 3,167
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    edited 11 December 2023 at 7:46PM
    Don't - get your tenant right and your problems will be minimal. Go for someone who passes the references with flying colours, only if you are struggling to let it would I consider lowering the bar. 

    You can't be swayed by sob stories or pleas. Meet your tenants, get a feel for them and providing they pass the references go for the ones you feel best about (assuming you are a good judge of character).
  • ThisIsWeird
    ThisIsWeird Posts: 4,458
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    How secure would it be having a guarantor? 
  • silvercar
    silvercar Posts: 46,742
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    How secure would it be having a guarantor? 
    You check the guarantor as seriously as you credit check the tenant.

    Though I did once have a guarantor (excellent credit check, working full time, property owning) guaranteeing their daughter’s rent. Within two months of daughter starting the tenancy the parent had sold up and emigrated. Not much chance of chasing a debt the other side of the world!
    I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to [email protected] (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • Murphybear
    Murphybear Posts: 7,248
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    silvercar said:
    How secure would it be having a guarantor? 
    You check the guarantor as seriously as you credit check the tenant.

    Though I did once have a guarantor (excellent credit check, working full time, property owning) guaranteeing their daughter’s rent. Within two months of daughter starting the tenancy the parent had sold up and emigrated. Not much chance of chasing a debt the other side of the world!
    When I was training for my ARLA Advanced exams we were told that guarantees are not worth the paper they are written on.  Fortunately we never had to approach a guarantor.  If the guarantors won’t/can’t pay then the LL will have to take them to court and we all know how long that can take.

    no one has mentioned the “dreaded” term housing benefit (or whatever the equivalent is these days).  I found that some of our best tenants were those on housing benefit.  I understand the tenant can ask for it to be paid to the LL.   
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