Looking to rent

Options
terrence45
terrence45 Posts: 132 Forumite
in Bankruptcy & living with it
Morning everyone. I'm 2 years post discharge and looking to rent my own place for the first time (small studio in a popular town).

So far I've been renting rooms privately but I want my own place. I know my credit history is going to write me off with estate agents, but is there a chance I could pay e.g. 3 or 6 months in advance to sweeten the deal, or ask a family member to be a guarantor?

To make matters worse I'm going to be a full time student again, so not earning!

Comments

  • terrence45
    terrence45 Posts: 132 Forumite
    Options
    Don't worry - I've ended up pretty much getting the answer on another thread! Can be deleted (can't work out how).
  • Bankruptski
    Bankruptski Posts: 7 Forumite
    Options
    What was the answer?
  • terrence45
    terrence45 Posts: 132 Forumite
    Options
    Bankruptski wrote: »
    What was the answer?

    The answer was maybe, depends on the landlord! Clearly they'd prefer someone with a glistening credit record, but they may be keen to get someone in.
  • Bankruptski
    Bankruptski Posts: 7 Forumite
    Options
    Ah right. Thanks for the info.

    I'm a renter but the area I live in has high demand so the landlords can pick and choose.

    It's my biggest worry about wrecking my credit rating!
  • terrence45
    terrence45 Posts: 132 Forumite
    Options
    Bankruptski wrote: »
    Ah right. Thanks for the info.

    I'm a renter but the area I live in has high demand so the landlords can pick and choose.

    It's my biggest worry about wrecking my credit rating!

    If you're currently in a place that you're happy with then you could just stay put? The OR won't usually tell your landlord that you've gone bankrupt, so they need not know. They do ask for their contact details though for some reason, and possibly a copy of the lease (in case there's any value in it, I guess).

    So far in 2.5 years since bankruptcy I've rented privately - so directly with landlords, not estate agents - so no credit checks or anything. If you were to use estate agents maybe you'd need a sweetener like rent up front or a guarantor.
  • Frey85
    Frey85 Posts: 3 Newbie
    Options
    In my local area private rentals are as rare as hens teeth, therefore renting with estate agent was my only option (Not yet bankrupt but very poor credit rating ).

    I offered 6 months upfront (relative) or a guarantor . I found most agents preferred the guarantor option which surprised me as I expected them to want the 'cash in their hand'. The reasoning apparently that landlords prefer stability of long term rentals & didn't want to be worrying in 6 Months if no further monies materialised.
    Good luck
  • mwarby
    mwarby Posts: 2,048 Forumite
    First Anniversary Name Dropper First Post
    Options
    terrence45 wrote: »
    They do ask for their contact details though for some reason, and possibly a copy of the lease (in case there's any value in it, I guess).

    Possibly so they can check the amount claimed is correct and it is a normal landlord tenant relationship, and not an attempt to mislead the OR
  • terrence45
    terrence45 Posts: 132 Forumite
    Options
    Wee update, in case anybody cares... Have taken a very nice flat through a regular agency. Told them I was a student and ex-insolvent - they required a guarantor as expected, but that's it. Easy peasy and no extra rent up front.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards