Hi,
Looking at renting a property, my affordability is short of required.
I have a guarantor, but there salary is also short, however they are a homeowner with no mortgage. Does this get considered, or is it just based on salary?
It’s based on tenant’s salary
If the tenant can’t afford the property ( income three times the rent ) then it does not follow the how to rent guide
It means you are more likely to struggle keeping up with the rent
Each landlord is different though
I don’t understand this.
This is key. There is no standard. Only what your Landlord wants.
how much short? I look for minimum 2.5x monthly rent for monthly income. Even if you can meet that, depending on your circumstances I might ask for a guarantor (e.g. you’ve never rented before). That guarantor will need to be a homeowner who has sufficient income to cover rent. There wouldn’t be any point to me in having a guarantor who also couldn’t afford to cover rent. They’re not going to sell their house to pay me after all so…
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