Has anyone had a tenancy check carried out by HomeLet.
I understand with previous checks I’ve had done companies can only carry out a soft search but it looks like HomeLet carry out a more in-depth look at the bank accounts to calculate affordability.
Can anyone confirm this, I’m a bit uncomfortable having my spending habits analysed by strangers!
Increasingly companies use ‘open banking’ it’s other providers too eg Goodlord, Openrent
If it helps I used Homelet for a tenant and report came back within 24h (without me seeing any detailed info about tenant spend)-so it is most likely pretty automated but just like any other check they will be looking for both evidence of regular rent payments and any red flags (im guessing eg payments to gambling websites or income that doesnt match what tenant claimed). Only if something is flagged as odd will an actual person look into your detailed records I suspect. But check with homelet their T&C etc
I know some LLs do ask for 6 months of bank statements from tenants even before any referencing…
Look at it from a LL perspective they wont be comfortable renting to a tenant without reassurance the tenant can pay which isnt in their interest or tenant’s actually; and they cant get rent gtee insurance without the checks having been done
Good luck
Thank you so much. I completely understand why a LL would want to be careful when letting a property.
I wouldn’t have issues with gambling websites etc and I earn a good wage but live to my means like most people. If I need to cut back for a property I could indeed do that but just wondered how do you explain that if someone’s analysed your account on current spending.
I’ll just have to take my chances and see how it goes.