Hi there,
I’m looking for somewhere to rent but have never privately rented myself before so have no idea how it works or what I need etc I’m looking for somewhere for myself my partner and 3 children the youngest been 15 and the oldest child 28 there are 3 adults in full time work so not on benefits or anything but my partner and myself don’t have great credit scores so worried how that could impact us and I just generally want to know what to do and look out for if anyone could help even just with a bit of info that would be great
Many thanks
Tracey
Low credit scores on the own never bother me as this can be due to not having borrowed any money. If you have/had CCJs or IVAs then that’s more of a concern. Earnings are also important with regard to affordability. If, for example, the oldest child was the biggest earner and left to find their own place, then the remaining tenants would need to pass the affordability calculation on their own. This is generally a combined annual salary of 30 times the monthly rent.
Ok thanks for the insight my partner the biggest earner then my son then me depending on how many hours over time I can get but between us we have an income of around 3900 a month at least i don’t know if that would be classed as enough income or not but we’re not entitled to any help as in benefits etc but i do have a ccj from a couple of years ago due to council tax we would be applying for places in my partners name would that help or will they still take my ccj into account?
You are right about a low credit score because of not borrowing any money. When I went for a mortgage 20 years ago for a new home, I was told I had a low credit score I said " but I do not owe money to anyone . Not even a credit card user" . Ironically that was the problem, They organised a credit card for me , gave me the mortgage ! Then I cut the card up.
You’d do yourself a favour by getting into the shelter website and reading up about what’s involved from a tenant’s perspective.
And you could Google “how to rent booklet” and download a copy of that. It’s the govt’s standard advice to tenants.
A common multiple used by LLs is that your income should be at least 30X the monthly rent. So for a house costing £1000 you would need to prove a combined salary of £30,000.
A landlord will want to know why you have no rental history, some details about your employment & you credit history.
You are also quite a large family unit, so may be limited in choice.
Good luck.
That is going to need some explaining to any potential LL.
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