Looking for some advice as every turn seems to be blocked. I am a UK passport holder and i have been out of the country for 7 years and looking to come back to the England however I am unable to pass the background checks and the main reason for this is that because my income is currently in my resident EU country
My plan is to move back to the UK then migrate my work contract to the UK division of the business so that I would be paid in my UK bank account. But i am unable to find a place to live first so how does anyone work around this problem as now the RRA seems to have made things even more difficult for people in my current position.
my UK credit score is good I have high volume of available cash and employment reference confirming of a salary that confirms that I’m able to afford a financial liability
I would say take it step by step and first get yourself into a friend or family house so at least you have a UK address and getting your salary in the UK, UK mobile phone number, UK work contract etc.
already done that apart from migrating my work contract however and I am open and honest with the landlord of my situation however the moment i get pushed into referencing i am rejected because I do not fit the cardboard cutout
Whats stopping you migrating the work contract to uk too
You might find you need to get a short term rental of some sort to build up uk footprint (register to vote too).
Because of RRA its harder to evict vs previous no fault s21 and longer for arrears (3 months needed not 2) so for sure as well as those LLs leaving the sector, the ones remaining will be more cautious and more likely to want RGI. Which needs people to pass ref tests. These arent clever for anyone with non standard circumstances. But if you have a uk guarantor who passes you should be ok
Maybe try one of the agents who specialize in helping foreign nationals find uk accommodation when coming to work here? They might know some suitable LLs for you who will be delighted not to have to worry about whether a tenant’s visa will expire…
Sorry if all ridiculously obvious
Good luck
Okay how do i migrate my employment contract without an address in the first place
From the sounds of it, you’re not in the UK. I wouldn’t rent to you if I couldn’t meet you face to face.
Are you attending viewings?
Background checks are just one piece of the puzzle and provided you could prove income and your work status, pass right to rent and have good references, the fact that your income is from the EU currently wouldn’t bother me at all.
But if I couldn’t meet you, I wouldn’t even respond to your initial query.
Then your miss understanding as im arranging viewings and turning up in person to view the property
Anyway ive been approved by the bank now to just buy a house which is better.
Doesn’t make sense that I can’t rent but have been approved for a mortgage of upto 500k
Congrats!
Difference is
-if you fall behind on mortgage payments the lender can easily re-possess and sell the property so they aren’t out of pocket (because you will have contributed some equity as a deposit). And lenders have teams of lawyers to deal with all this routinely and will have been able to properly assess your income.
-if a LL rents to you and you don’t pay the rent and refuse to move out, they have to wait till you are 3 months in arrears, give a months notice then wait an average of 8 months before you are evicted, and may never get the year’s rent back but still have to pay the mortgage on the rental property. So a LL is taking a much bigger financial risk than a mortgage lender because there’s no assets to back up the LL’s risk and because risk isn’t spread across 000s of properties. In the past a tenant could have offered a large rent in advance sum to help mitigate risks but no longer allowed under RRA. So LLs have to be certain of income but the automated checks don’t necessaily cope with your income being abroad (which I agree is nuts)
Best
Actually it would be the same for a lender who would have to use the courts to re-possess and there are a lot more steps they have to go through first as its a more serious type of redress.
But they have teams of lawyers, and the equity put in by a mortgage applicant to pay for costs, unpaid mortgage arrears and are far less dependent on any single property than a private LL. A renter doesnt put up any equity beyond 5weeks rent as a security deposit. So LL is taking a vastly bigger risk and has far fewer resources to deal with things when they go wrong.
Best