adonaghy Posted February 8, 2020 Report Share Posted February 8, 2020 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 Quote Link to comment Share on other sites More sharing options...
Richlist Posted February 9, 2020 Report Share Posted February 9, 2020 I'd recommend a rent guarantee insurer that carries out the referencing of tenant applicants for you. Quote Link to comment Share on other sites More sharing options...
Mortitia Posted February 11, 2020 Report Share Posted February 11, 2020 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. Quote Link to comment Share on other sites More sharing options...
Richlist Posted February 11, 2020 Report Share Posted February 11, 2020 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, Quote Link to comment Share on other sites More sharing options...
adonaghy Posted February 12, 2020 Author Report Share Posted February 12, 2020 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 Quote Link to comment Share on other sites More sharing options...
Melboy Posted February 13, 2020 Report Share Posted February 13, 2020 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. Quote Link to comment Share on other sites More sharing options...
Grampa Posted February 13, 2020 Report Share Posted February 13, 2020 Rent4sure do both insurance and refs. Quote Link to comment Share on other sites More sharing options...
hickvranek Posted July 18, 2022 Report Share Posted July 18, 2022 In this case, you can address the mortgage broker service to check the clients' credit scores. Also, you may ask your clients to provide you papers from their bank with the credit score, and I think banks provide this kind of paper to their clients. In any case, I would recommend you to check your clients with the rent applications like Openrent or similar ones. I can share with you the broker service is usually using when I have some rent/mortgage issues with my clients. It is Mortgage Broker Newcastle. Just google it; if you didn't find it, reach me in pm, and I will share a link with you. Quote Link to comment Share on other sites More sharing options...
bil8999 Posted July 18, 2022 Report Share Posted July 18, 2022 On 2/11/2020 at 7:37 PM, Mortitia said: 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. Before or after stoppages ? Quote Link to comment Share on other sites More sharing options...
hickvranek Posted August 4, 2022 Report Share Posted August 4, 2022 Rent is the only option I have left with now; thanks for the answers in the thread. I am looking for a good place to rent for my wife and me because we cannot afford to buy a house, as we hoped to do soon. This inflation ruined our plans. Quote Link to comment Share on other sites More sharing options...
douggieohare Posted August 22, 2022 Report Share Posted August 22, 2022 On 8/4/2022 at 3:39 AM, hickvranek said: Rent is the only option I have left with now; thanks for the answers in the thread. I am looking for a good place to rent for my wife and me because we cannot afford to buy a house, as we hoped to do soon. This inflation ruined our plans. We have been living with her parents for a year, and now it’s time to move to a different house because that has already become awkward. There is also another possibility – to take a loan and still buy a house, but my credit score is rather bad. I’ve read on greedyrates.ca that I can get a loan even in such a case, but I need to use nonbank financial companies. Is it a good idea? Quote Link to comment Share on other sites More sharing options...
Richlist Posted August 22, 2022 Report Share Posted August 22, 2022 We know absolutely nothing about you so it's impossible to answer the question. Quote Link to comment Share on other sites More sharing options...
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