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adonaghy

Rent Affordability & Credit Checks

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With more than a tad of assistance from this forum I’ve rented two properties successfully and thank you for assistance thus far. I have only one rental now and have it on the market right now. Can I ask for advice on rent affordability calculations. For example if dad is the only earner with two kids and similar family with  say one how do you factor this in? I’m using Openrent to advertise and have never    undertaken credit checks on someone myself. What companies do you recommend and what information do I need?  I’ve taken advice from forum and have rent and malicious damage insurances but they will only be valid if I do this correctly 

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I'd recommend a rent guarantee insurer that carries out the referencing of tenant applicants for you. 

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Richlist always manages to evade the issue!   Income per month from joint tenants, single or family must be 2.5 times the monthly rent - that is the calculation I use.  You can include family allowance and other benefit payments in that figure if appropriate.  Others may have a different system of working it out.

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On dear Mortitia......get out of bed the wrong side today ?

The OP asked for advice on two points.....

Q1. Rent affordability calcs ?

Q2. What companies do you recommend for credit checks ?

I answered Q2

You answered Q1,

 

 

 

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I’ve currently got rent guarantee cover with Directline but they don’t process credit references unfortunately. I’ve rejected one couple on affordability and have another couple interested but saying they find letting me see bank statements intrusive! Don’t want to shell out for checks and find they’re not suitable 

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10 hours ago, adonaghy said:

I’ve currently got rent guarantee cover with Directline but they don’t process credit references unfortunately. I’ve rejected one couple on affordability and have another couple interested but saying they find letting me see bank statements intrusive! Don’t want to shell out for checks and find they’re not suitable 

If they feel that uncomfortable about you seeing their bank statements then they would have to provide you with some form of financial statement of earnings and outgoings. You could offer to go through the statements in their presence and of course guarantee to them that you do not keep or retain any personal information once it has been viewed.......... or of course you could reject everything  I have said and dismiss the applicant as an unwilling and to be a credit checked applicant and move onto the next suitable applicant.

I have never had any problems with asking my tenants for 2 months bank statements..... and then returning them back to them.

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