Renting - guarantor issues

[radapple]

Hi all

 

We are moving into a new house in London, and have failed an independent referencing check. I earn enough, and have a good reference from the current landlord, but failed on my credit score.

 

My partners parents have offered to be guarantors, however, we had assumed the fact that they own their property outright would be enough to secure. The referencing agency have said though, that they need to be earning enough to cover the rent. One of the parents is redundant, and the other works part-time - they have enough in savings to not need to work.

 

We are told by the lettings agent that there is nothing that can be done - they either earn enough or they dont.

 

Is this the case, or would the referencing agency take into account the property and assets they have?

 

Thanks

 

Ian

[Steve__M]

It rings true to me that they would not be interested in property ownership or savings when doing referencing. After all, they could sell the house and spend all the money. Yes I know that sounds stupid but an agent said something similar to me when I was discussing the irrationality of credit referencing.

 

An option that the letting agent might accept would be for you to pay 6 months rent up front.