Agency letting to an IT contractor

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    Agency letting to an IT contractor

    I have been living in the same rented property for nearly 2 years now, typical 12mths AST followed by another 12mths extension. As the end of the tenancy is coming, I started thinking about renting elsewhere.

    Since I moved in to my current flat, I left permanent employment and started working as an IT contractor, through a limited company. I've been in business for nearly a year. My financial situation is not a problem at all, and my personal Experian credit rating is excellent: 995 (max is 999). I have personal savings as well as income accumulated in the company. However, I do not know what to expect from landlords/agencies if I decide to move flats.

    There are a few items I am concerned about. I am a director of my company, but I don't have a written employment contract. My income consists of a mixture of salary and dividends. At the time I'll be looking for a flat, I'll be out of contract - I have planned some time off.

    Has anyone been in a similar situation and can share experiences with the agencies? What attitude should I expect? No issues at all? Or just the opposite - no chance to get a new AST? Or maybe they will insist on a few months rent upfront? I do not have an intention to look for guarantor.

    #2
    A friend of mine was in a similar position and sadly could not obtain any rental that was suitable.

    Your problem will be that as part of the referencing checks you will be asked to supply your tax returns which I'm assuming aren't ready yet?

    The fact you will be taking a holiday will also show you as not working.

    Healthy credit checks are all well and good but they don't truly reflect your current position.

    You will doubtless be asked to provide bank statements which will back up your income claims, which will help but I think for a decent property with proper reference checks done you will be asked for both a bigger deposit, rent in advance and probably a guarantor

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      #3
      You may be regarded as self employed, with requirement to justify CRA without examining last x month statements.

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        #4
        You wouldn't pass for me (while probably being an ideal tenant).
        You'd need a couple of years SA302s and HMRC tax overviews - which are the equivalent of a record of employment.

        Other landlord's want three or six month's bank statements, which would is an option.
        I'd be up front, so you can avoid wasting yours and other's time.
        When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
        Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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