I am new to OpenRent, just about to start renting out a flat and have received a joint application from a married couple. Ordered referencing services and as per the results, the lead tenant can afford to pay £590 pcm, and the second tenant can afford to pay £920.
With the rent being £750 it should be totally fine, but the joint application summary is as below:
"Tenant Affordability
The total combined affordability of all passing tenants does not cover the rent.
Any remaining tenants would need to pass with a combined affordability over £750.00 or a guarantor would be required."
I don’t understand how come this has been concluded by OpenRent from two individual reference report that OpenRent has run. Any ideas?
curious as to why you have the lead tenant being the one who cannot afford the rent if the other leaves. In any case, if they’re jointly on the TA, they’ll be joint and severally liable. You need to consider the risk of the higher earner not being there and what you would do in that scenario.
As for OR’s decision, no clue. But at the end of the day, the choice is still yours anyway.
In the past this combo would have passed the affordability check, but Im aware that OR now uses a different referencing company and its possible that they require each tenant to afford it on their own. You should check with them.