Hi, first time landlord here and I was hoping for a straight forward tenant for my first ever letting. However after their credit score came back lower then I would have liked as well as learning they had only been in their current employment for 3 months and I expressed my concern to the tenant. They came back saying that they have a very high credit score that they obtained on checkmyfile since they are in the process of applying for a mortgage. I don’t know where to go with this. I can’t ignore the credit report. But are there cases where it can be wrong? Do credit reports differ from company to company? Any advice as to what I should do next? He has mentioned he can provide me with his report etc. Can I trust this?
If theyre applying for a mortgage are they only wanting a short term let? Would you be happy with that?
I never take much notice of the credit score. None of my tenants have ever been above medium, even the ones earning £60k+. Provided they are on permanent contracts, (not self employed) and their combined salaries are more than 30x the rent, then I would suggest you ask for 6 months bank and credit card statements to verify their financial commitments. Best practice in this case would be to review these statements and then destroy all copies. This should be covered in your GDPR Privacy Notice.
Thanks for the advice. It is for a 6 month Fixed term let which I am happy to do. Is the GDPR notice covered in the open rent tenancy agreement or something I need to sort myself?
Something you should sort yourself, you have to create a bespoke notice but you can use a template.
Are you sure you want another void in 6 months. That tenda to be costly. Last time a tenant asked me for that, I increased the rent by £200 a month to cover the losx of later income.
You have definitely given me food for thought. Currently the property is empty so I thought better to have someone even short term, but that does also cost more on advertising as well as potential future loss. The ideal scenario would be a longer term tenant. I may reconsider and spend a bit more time looking for a tenant. Thanks