As a prospective tenant, it is important that you are able to demonstrate to your Landlord that you have a satisfactory credit profile and the ability to fulfil the terms of the tenancy agreement which you will sign. Here’s our process:
1. Credit Check
You will need to provide evidence of a credit check. This is a check for bad credit, IVA`s, Bankruptcy orders and CCJ`s. If you have any adverse credit it is important that you declare this.
2. Current Landlord Reference
The landlord or agent who you are renting from at the moment will need to provide a reference on you. Your current or previous landlord must complete a written reference confirming your tenancy start and end dates, rent amount and that the tenancy has been conducted in a satisfactory manner.
3. Verification of Earnings
We need to verify that you can meet the rental obligations and to do this it will be necessary to verify the income you have at present.
Employed – Your employer will need to confirm your position, salary, start date and also that the position is not likely to change in the near future. The referee must be a line manager or person in HR and they should confirm their position as well as the other details required.
Self Employed – If you are employed by your own company this is classified as self employment and you would need to supply a written reference from your accountant confirming your drawings for the last 2 years and how long the accountant has known you.
How do I know what I need to be earning?
Simple. Take the rent on the property and multiply it by 30. This will give the minimum income which will be needed in order for you to be successful in your application. If your income is less, you may be asked to provide a guarantor. Your guarantors earnings should equal the rent multiplied by 36.
Example: £500 per month X 30 = Minimum earnings of £15000 per annum required
We will need to have sight of your last 3 months payslips along with a P60 or P45 if you have recently changed jobs. If you are self employed or of independent means then we need to see copies of your last 2 years self assessment tax returns or six months worth of bank statements.
5. Unemployed / Student
If you are unemployed or a student then you will probably be asked to find a suitable guarantor. This person will be responsible for the rent payments should you be unable to pay. The guarantor will need to go through the same checking process as you. If you are a student, you may be asked for copies of your student loan paperwork.
6. Additional Income
We have affordability criteria which we use to calculate your ability to pay the rent. If you have additional income it is important that you tell us this. We will require copies of any Tax Credits documents, benefit paperwork, bank statements showing savings, investment bond statements.
7. Independent Means
If your income is in the form of independent means, then your last 6 months bank statements will be required and you may be asked for a reference from your accountant if you have one. Independent means can include savings, pensions and investments. Please submit copies of documentation which you feel supports your application. This could include: Savings statements, Premium bonds certificates, Investment statements, Bank statements
Your annual pension statement or a reference from your pension provider would be required. Please submit a copy of your most recent pension statement with your application. Please also send a letter from your Pension administrator on company letterhead and signed confirming your Annual Pension.
Please provide us with 2 forms of ID. One must be photo ID and one must confirm your current address.
It is possible that you will require a guarantor. If this is the case, your guarantor would also need to be referenced. The guarantor must have a satisfactory credit check and be able to verify that he or she is earning enough to cover the rent affordability.
When you have all of the above complete, please return it to us and we will consider you for the property. We may need additional information from you or supporting documents and we will be unable to reserve the property until we have these.
If you feel that the above process would be too demanding then there are companies who will collate all of this information for you for a small fee. One such company is Let Alliance, you can contact them on 0845 685 0475, they will complete an initial credit check and then contact your other referees to build a complete package for you.