What would convince you to let to me?

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    What would convince you to let to me?

    I'm a prospective tenant who has had an offer accepted for rent, but am struggling with the referencing. I'd really appreciate some advice from seasoned landlords about what I could do to ensure I can move in. I'm going to include my exact circumstances so you can give me your best judgment.

    Property: is on at £1,650pcm. LL looking for a family, which we are, and ideally looking for someone to move in June, which we can do as though we have to give a month's notice, we can afford to overlap rents. Viewed the property last Friday through an agency, made an offer the same day, offering the asking price, and explaining our circumstances (see below). LL confirmed on Saturday that he was happy to accept our offer.

    Circumstances: I am full time employed and am lucky enough to earn £90,000pa. My partner is self-employed and earns about £11,000pa. We have two young children under 5. My partner has a good credit record. I, however, am a discharged bankrupt, having been made bankrupt after a personal guarantee I had provided crystallised after the person defaulted, meaning I had a £60K at a time where I didn't have enough cash flow to support it.

    Pre-Referencing: As part of my offer, I explained my circumstance, and shared a copy of my credit report which shows that all payments for all accounts were paid on time until August/September 2017 when I was made bankrupt. All subsequent payments are also on time, and from September 2018 the accounts are marked as satisfied as a result of being discharged from bankruptcy. The landlord was happy to accept on this basis.

    Referencing: The agency uses a third-party to do referencing. I have provided everything they need. They have said that due to the bankruptcy I need a guarantor, which is fine. However, either the agency or the referencing company require that the guarantor earn at least 36x the rent, which is where we fall short. My dad earns approx £45K, falling some way short of the £60K he needs to earn. He owns his property outright (no mortgage) but apparently this isn't enough. My partner's parents own their property outright too, but are retired, so while they're happy to be our guarantors they don't match their criteria.

    What can we do? The property is a dream property for us, and I think the LL likes the fact that we tick many of the boxes being a family with young children, and with me being a high earner and, as I've pointed out, debt free. I completely understand why the referencing agency say he needs a guarantor (and I guess it might invalidate his insurance if he doesn't comply), but I'm frustrated by the guarantor requirements. Any ideas about what I can suggest? Some ideas I've had:

    - Offer to use two guarantors (my dad and my partner's dad) - neither of them match the earning criteria, but both are home owners who own outright.
    - Offer to pay six months up front (for the first six months only, reverting to normal monthly payments thereafter).
    - Offer to pay for landlord rental guarantee insurance.
    - See if I can find a company whom I can pay a fee to who will be my guarantor. Such a thing seems to exist, though it seems to be more for students and people who've recently immigrated to the UK.

    Any other thoughts/suggestions? Thanks!

    Earning £90k simply provide copies of last couple of years HMRC tax returns & 3 months bank statements
    I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...


      The six months up front would swing it for me.
      To save them chiming in, JPKeates, Theartfullodger, Boletus, Mindthegap, Macromia, Holy Cow & Ted.E.Bear think the opposite of me on almost every subject.


        I would be concerned that a debt of £60k bankrupted someone earning £90k but would accept the two house owning parents as guarantors if there was nobody else interested.


          Thanks for the comments all, I've offered six months rent up front and two home owning parents as guarantors and as an FYI, I'll report back on what the outcome is.

          FYI, I was earning £60K until four months ago, I've only recently gone up to £90K, which may be a factor against me as well.


            Originally posted by theartfullodger View Post
            Earning £90k simply provide copies of last couple of years HMRC tax returns & 3 months bank statements
            This would do it for me too.


              I would want to know more about your occupations and the company you work for. Just saying you earn 90K (for the last 3 months) does not cut it for me.

              Freedom at the point of zero............


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