Hi - I have a new pair of tenants moving in. 1 tenant has passed referencing. The other has asked his father to be a guarantor. His fathers banks with a bank that is not recognised by OpenBank and he is the sole director of a company where he gets his income (so can’t provide a referee). The father is happy to provide me with 6 months of bank statements and they have offered to increase the deposit. My gut tells me they are decent people and I am happy to go ahead. My question is can I increase the deposit to more than 1 month’s rent? I feel like I have read that there is a limit. And if I do, how will this protect me? Many thanks
You cannot take more than 5 weeks deposit.
You CAN take more money in advance, rather than just 1 month.
If you are not taking payment protection insurance or similar, you could satisfy yourself outside of referencing, by viewing the bank statements, and/or asking for a copy of the s/e Directors tax return as proof of income.
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