Updating post from Reddit.
Hi, I’m looking for a landlord’s perspective on whether you’d consider me as a tenant. I’m mid-application for a place I love (rare to find one that takes pets, I have two small birds), but now stuck in limbo.
I needed a guarantor as I’ve been living with relatives (my last tenancy ended last year). My guarantor fell about £2k short of the income requirement (36x annual rent). Before applying, I asked the agency if I could make up the shortfall with my savings. They asked to see them, plus my job contract, then gave me the application and put me through referencing. My guarantor obviously failed the affordability check, but the person at the letting agency seemed surprised by this, even though I had discussed it the previous week.
Now I’ve been told I either need another guarantor (I don’t have one) or to pay rent upfront if the landlord agrees. I can do that, but I don’t know when they’ll decide if that is acceptable, and I planned to move in 5 days, and I am so exhausted by the hunt!
My info
Would you see me as risky, or would the lack of a guarantor be a dealbreaker, and should I just move on? The place has been on the market for a month already, after the last applicants failed referencing.
Edit: Thanks for reassurance everyone. I did end up getting this, but now have other problems around gurantor signing so wish me luck. I really appreciate all the advice!
I think you look good with other only downside being lack of references. 4x rent and no CCJs is good.
Get an employer letter just confirming employment and salary. Do you have any references from any old places you used to live.
Apart from that just wait and see.
Thanks for responding. My employer did this as part of the referencing process. I included my past landlord's details in my application, but for some reason, they didn't ask him. I will raise it with them next week, thank you!
Rather it’s just the other prospective tenants given the property. Being the best choice for the property, rather than a choice, means choosing a rental where you look best vs the other tenants.
When they put me in for referencing, they said all being well, they'll be able to get me in next Friday. It all seemed kind of like I might have been the only one, but I guess they could be saying that to multiple people! Thanks for responding!
There was a prospective tenant (20s) moving in with her mother and said she is a part time caretaker for her mom. It seemed ok to me, but the last management agency said no.
So basically, it’s less Survivor and more The Bachelor—you have to outshine the competition for the final rose.
Like applying for a job.
Maybe I'm naive but I'd accept you. My current tenant only just snuck affordability and I had four other offers better but I felt sorry for her so maybe I'm just soft.
Thanks, it is good to know that it's not always the best candidate on paper that people go for. It's so lovely that you gave someone a chance! Here's hoping the pet CV I sent of my disabled animals can do a bit of heavy lifting for me 🤣
No worries, I hope you get it! Sometimes in life you just need a break, hopefully you get it and are happy there
Is the guarantor income definitely supposed to be 36x annual rent or there is a comma missing?
Defo my error! Meant annual salary needs to be 36x the monthly rent.
It all depends on the other applicants. If others renters have a home owner guarantor then they would be top of my list tbh as less risky if circumstances changed.
Sorry it's like that and it's not your fault but the reality is most landlords will choose the option they perceive as least risk and right now that's a person backed by a home owning guarantor.
Where is the property
West Yorkshire
You're not risky per se, but there is a risk higher than others who did pass checks.
I'd take a few months rent in advance (excluding deposit that doesn't go to the landlord) and possibly condition it with you paying a month early ongoing after about 3 months.
As for pets, you'd have to get pet insurance too. Albeit not a requirement, but if it is a favor then, on would have to voluntarily agree or not get it. ("Without allowing pet deposits, the UK Government risk further undermining their efforts to support tenants to rent with pets. / One in five landlords who previously accepted pets no longer do so since the Tenant Fees Act came into force. Meanwhile, 57 % of landlords and agents say they are unable to recover the cost of pet damage. https://www.propertymark.co.uk/resource/pet-insurance-withdrawn-from-renters-rights-bill.html)
I did have a tenant pay 6 months up front, but he also passed the checks. I paid my landlord (overseas) 3 months advance till earlier this year and will move to 1 month in early september. Just out of convenience. also my Wifi/phone (packaged together) is 1 month early.
Ask them to lower the rent by just enough for the fixed period of your tenancy so your guarantor will pass. Offer the rent difference upfront for the period.
This is the answer.
This is such a good idea, I wish I had thought if that earlier
I wouldn’t consider you risky . But I think even people with the best references and salary can become bad tenants , so I don’t care about all those criteria that much . I have friends where the husband is disabled , they don’t really have anybody who could be a guarantor , so nobody really wants them as tenants (they’ve only been offered really awful properties nobody wants ), yet they would make the best tenants you could wish for - clean , quiet , responsible .
The above would be no problem for me, including the pets.
Have you actually spoken with the landlord directly? Their contact details SHOULD be in the contract.
I think you would be a safe bet, and if you were supposed to move in soon, they won't really want another month of no income?
I haven't seen the contract yet unfortunately and I haven't spoken to them directly. I have been given the tenancy now though and paid the holding deposit.
My main issue now though is they said my gurantor needs to be there to sign in person which they can't do. This was not told to me at any point before paying the holding deposit. I have offered to have to witnessed and check by a solicitor near my gurantor but the letting agency said they need to check if that is okay so just waiting now!
Everything is online these days they can use a legally valid digital signature system !
You think that would be an option but it doesn't seem to be for them! It's a bit annoying as we've been signing everything electronically up to this point.
If you hand over excessive rent ensure it is held in escrow and drawn down over time.
Hello, thanks for the advice, I got the tenancy without having to pay upfront. However I never heard of this before so I will defo keep this in mind if I ever have to do it in the future.
I would rent to you