Rent income ratio

[svin76543]

Hi All

After being fed up with london's major letting agents I am going for a smaller less know firm to let out my property.

They have found a tenant who earns twice the monthly rent(rather than usual 2.5-3 times) , criteria which were used by other agents. They claim that she earns more tahn her current income on paper as she is paid in cash(proposed tenant being a hairdresser).Should I be concerned that her income is too low to pay the rent or would it be aceptable to rent out a property to someone who earns twice the rental income pcm.To compund the problem there is no way to verify previous landlords references or rent as the prospective tenant was living with her b/f who was paying the rent.

I would appreciate advice on this one

Many Thanks

[Richlist]

Why not just take either of the two options normally available to landlords to reduce the risk of being seriously out of pocket.....namely.....

* Rent Guarantee Insurance or

* A home owning guarantor

[Carryon Regardless]

Your market would dictate as to how strict the criteria you can apply and still get T's.

I place great value on meeting potential T's to appraise. I don't look for someone I like or is like me, I wouldn't want me as a T anyway.

In a walk around conversation my polite questions are aimed at understanding history and character, even to see flaws in the story told.

When I have gone against my gut instinct of wariness because on paper they look good I have more often found wary was intelligent.

I have considered RGI and decided maybe in the future but not as yet. No suitable G'tor means no tenancy for me, where a T may be faulty as long as the G'tor checks out and is suitable then there, hopefully, is a way to recover the situation.

My lower rents are £4.5k +, but in that area T's are lucky to earn over £10k. Then there are the long term sick and retired I often take.

Executives are a different story and I don't ever expect to gain such experience as unless transient they would most likely buy.