Is it possible to use the OpenRent financial referencing system?

Tenant Discussion
1

I’ve tried many combinations but can’t get it to work.

I earn a decent amount above the amount required to rent this property, as evidenced by most most recent tax return (April 2025).

Up until October last year I earned this through salary from part-time employment and through salary and dividends from my business.

From October until now I’ve just been earning through my business.

If I try and add my employment income then OpenRent won’t accept this; as I can’t add a past date for when this ended.

If I try and add my business income alone it doesn’t reach the amount declared. However, when I stopped my employment I did this in the knowledge that I would earn more this year through my business alone. OpenRent also complains about the frequency, probably because my salary is consistent but my dividend is intermittent - I haven’t paid myself a dividend for a few months as it is going into my business savings account.

OpenRent is providing many warnings that I’m less likely to be accepted if I don’t use their Open Banking approach but the system just doesn’t seem to fit my circumstances. I have contacted by landlord to explain the difficulty and have asked OpenRent for support, but it’s via an email and I think this could drag on an uncomfortable amount of time.

Should I proceed now without the OpenBank option? When I tried the list of options available to excuse not using it do not fit my circumstances, either.

Phew. Thanks!

2

@Charlie23

So your circumstances are

A.- you are no longer earning from employment

B -your current business income hasn’t increased to cover the difference

C-but you want OR referencing and the LL to take a punt on your belief that your business income is going to increase in future

D meanwhile you don’t want OR to have openbanking access to both your income, savings and outgoings from your current and savings accounts to better assess if you can afford the rent based on your current income

Is that correct ?

Sounds pretty non-standard as you say. Doubt OR automated reports will solve this, I’m afraid. You may need to give the LL details of your business or maybe find a guarantor who passes the referencing (there are also companies which act as a guarantor for a fee)

Good luck

3

Referencing will not be remotely interested in the income you eared from work previously, as that has ended. They are interested in what you are earning now! That is all they can reference. It’s either enough or it isn’t.

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4

It’s really down to the landlord as to what they will accept. We have accepted tenants with new businesses before, but with renters reform most landlords will be cautious.

David

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