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Renting London Checks
ScotGuy1
Posts: 2 Newbie
Hey!
I'm looking to rent in London (just me), however the affordability computer system landlords use aren't helping!
I'm self employed own two businesses. Both combined take in around £160k a year. I have excellent character references, and around £20k in personal savings. Excellent credit scores 999/999 on one of them!
Anyway, I can't pass the affordability criteria. My salary/dividends is set up so I take out of the business £55k a year, and the apartments I'm looking at want 3x your monthly income...
Some might say, just pay yourself more money, but then I'd be taxed more.
How can I get past the affordability criteria which is not set up for self employed people like me? Any help would be great appreciated.
I'm looking to rent in London (just me), however the affordability computer system landlords use aren't helping!
I'm self employed own two businesses. Both combined take in around £160k a year. I have excellent character references, and around £20k in personal savings. Excellent credit scores 999/999 on one of them!
Anyway, I can't pass the affordability criteria. My salary/dividends is set up so I take out of the business £55k a year, and the apartments I'm looking at want 3x your monthly income...
Some might say, just pay yourself more money, but then I'd be taxed more.
How can I get past the affordability criteria which is not set up for self employed people like me? Any help would be great appreciated.
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Comments
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ScotGuy1 said:Hey!
I'm looking to rent in London (just me), however the affordability computer system landlords use aren't helping!
I'm self employed own two businesses. Both combined take in around £160k a year. I have excellent character references, and around £20k in personal savings. Excellent credit scores 999/999 on one of them!
Anyway, I can't pass the affordability criteria. My salary/dividends is set up so I take out of the business £55k a year, and the apartments I'm looking at want 3x your monthly income...
Some might say, just pay yourself more money, but then I'd be taxed more.
How can I get past the affordability criteria which is not set up for self employed people like me? Any help would be great appreciated.As a rule of thumb, especially when letting agents are involved, a tenant's annual income should be at least 30 times the monthly rent but it's not a hard and fast rule, and it doesn't come from a computer system.In the cases where someone's income source(s) isn't just PAYE employment then one option is to offer 6 months rent upfront although from 1st May 2026 that will become more challenging. Another option, which worked for me when I was a self-employed contractor with my own limited company and exasperated with the letting agent, was to point out that my day rate was higher that one month's rent.0
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