Rent protection insurance for tenant with credit check but with NO reference

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    Rent protection insurance for tenant with credit check but with NO reference

    Hello, I'm new to being a landlord and am about to rent my flat out to one full time employed person and their student partner.

    The full time employed person has passed a credit check with positive references from previous landlord, and affordability for £650.

    Their partner is from the US and not yet arrived in the UK, will be in receipt of student loans, has passed a credit check with affordability of £240 (total rent for property is £890 so I put the maximum on the employed person and the remainder on the student, as advised by the credit check company rentchecks.com).

    HOWEVER I do not have references for the student because they are not currently employed or renting.

    I'm struggling to find a rent protection insurance that will cover this joint tenancy despite both passing credit checks, both passing affordability checks, just because I don't have a reference for the student. I don't want to use rentchecks.com own rent guarantee because I read reviews that they never pay out. I used this company for the checks as it was the only one I found that would do an international student check for someone who isn't yet in the country.

    Can anyone recommend a rent protection insurance that would accept the level of checks I've got? What do people do as a reference when they're a student who hasn't rented before?

    Thanks!

    Questions from first time poster advice:

    Q1 – Where is the rented property located? - Brighton

    Q2 – What type of Tenancy Agreement (TA) is this - whole flat, assured tenancy, joint tenancy

    Q3 – What date did current TA start - due to start mid September

    Q4 – How long was initial fixed term - 12 months

    Q5 – Does the TA state that rent is due weekly? / 4-weekly? / per calendar month (if so, on what same date each month)? - Monthly, 16th of each month

    Q6 – Did the TA require a tenant damage deposit to be paid? If so, on what date was this paid (dd/mm/yy)? Yes will be paid before they move in

    Q7 – NA

    Q8 – Does the landlord live in the same property as the tenant? No.



    #2
    6 months up front for a 6 month tenancy, is far better protection than referencing and insurance in my book. (Don't forget the s21 notice after 4 months.)

    Comment


      #3
      This will be a joint tenancy won't it? They'll be jointly and severally responsible for the rent and all the other sections of the tenancy agreement. I've never used a rent protection insurance but I really can't see them accepting a student as they have no actual income only loans.

      It sounds risky to me and I wouldn't accept them.

      Let them find a cheaper property.

      Comment


        #4
        Why do you want rent protection insurance? How do you imagine it will protect you?

        How much money do they have in their bank accounts?
        What do they have to lose if they try to steal from you? (in general you don't take tenants who have nothing to lose)

        I wouldn't necessarily reject them. It depends on the details not the "credit checks" which often fail to take any account of positive or negative features.

        Comment


          #5
          Home owning guarantor.
          But I'd walk away.

          Comment

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