Letting Agent Credit Checks

[hirst89]

Right I spent 3 hours last night looking for information about Letting Agent credit checks, 64 PAGES!

 

Anyway, I'll cut to the chase, I was wondering whether anyone could give me some advice on what sort of response I'll get from my check, me and my girlfriend are looking at renting in the next month or two.

 

I haven't got the best of credit ratings, I have had two defaults, one satisified (£350) and one outstanding (£450). I have also missed quite a few payments and had late payment's.

 

My girlfriend hasn't had much credit in the past other than an orange contract, and a Littlewoods account, which has never been used. Each one of those shes has kept in order and not had a late payment on.

 

We will be renting through Martin & Co, and they use Homelet.

Also do homelet make the decision, or do they jus give the letting agent a report, who then make the decision themselves?

 

Cheers

 

Any feedback would be brilliant.

[Steve__M]

Right I spent 3 hours last night looking for information about Letting Agent credit checks, 64 PAGES!

 

Anyway, I'll cut to the chase, I was wondering whether anyone could give me some advice on what sort of response I'll get from my check, me and my girlfriend are looking at renting in the next month or two.

 

I haven't got the best of credit ratings, I have had two defaults, one satisified (£350) and one outstanding (£450). I have also missed quite a few payments and had late payment's.

 

My girlfriend hasn't had much credit in the past other than an orange contract, and a Littlewoods account, which has never been used. Each one of those shes has kept in order and not had a late payment on.

 

We will be renting through Martin & Co, and they use Homelet.

Also do homelet make the decision, or do they jus give the letting agent a report, who then make the decision themselves?

 

Cheers

 

Any feedback would be brilliant.

 

I let out my house using Martin and Co a couple of years ago and they reported to me their very brief summary of the check and asked me if I wanted to go ahead.

 

So I would perhaps suggest being open with Martin & Co and asking them whether they thought the landlord would be concerned. Some landlords are more cautious than others. If a landlord has rent guarantee insurance, the insurance company may not cover them if the credit check result is poor.

[Esio Trot]

I think Homelet is wrong on this, but they give no more credence to a satisfied judgement than one that is outstanding.

 

The report from Homelet uses heuristic credit scoring, and the resulting figure will find them telling the agent either "Acceptable", "Acceptable with Guarantor", or "Not Accetpable".

 

I am certain you will get one of the latter.

 

Talk it over with the agent before they do the check. There may be able to suggest a way through.

[hirst89]

Were also both only 19, So im sure that won't go to well in our favour, although obviously age discrimination laws prevent that, I'm sure there will still be some sort of prejudice....Anymore opinions, information and/or advice, will be greatly appreciated.

 

This is becoming quite a worry now, as my girlfriend is pregnant and we are looking to move ASAP to avoid undue stress to her.

[hirst89]

Anymore opinions, information and/or advice, will be greatly appreciated?

 

Cheers

[MrShed]

I would ask the following, if you feel you can answer them:

 

- Your monthly earnings

- The monthly rent level you are looking at

- What benefits you qualify for/receive (if any)

[hirst89]

1. I earn £900PM and she my partner earns £450PM, (that is with no benefits.)

2. Monthly rent on the house we are looking at is £495

3. Im not sure what benefits we qualify for im going to have to check that out.

 

Cheers, looking forward to hearing from you

[MrShed]

Is that after tax?

 

There is a general rule that you should spend around 1/3rd of your monthly earnings on rent/mortgage. You are not exceeding this level - a credit check/financial check should reflect this, so that should at least help the situation.

[hirst89]

Yes, only thing is i have only been working at my current company for a month and before that i have been earning varying wages from different jobs, varying from £250pm - £1200PM.

[MrShed]

Where are you living currently?

 

And have you tried social housing?

 

The varying salary is a concern - not just from a agents point of view, but it would be of a concern that if you were to earn £250 again, you would struggle with the rent payments.

[hirst89]

We are currently renting from my girlfriends dad, for very low rent.

 

No we havent tried social housing

 

I wouldnt get a job where i would earn any less than £800, Its because I have changed jobs quite alot, and relocated a couple of times. But I'm looking to settle now.