I have a situation where 3 people want to rent my 2 bed apartment. Its 2 brothers and the wife of one of them. Both brothers have good jobs easily being able to afford the rent however the wife does not work and is basically a housewife. The brothers will split the rent in half between themselves.
I always use comprehensive referencing as I like the rent guarantee insurance scheme. Its not clear to me if I will be able to take the insurance out as the wife is likely to fail comprehensive referencing as she doesn’t work.
I want to fully understand how this is likely to go before I pay for all 3 to be referenced.
All three could sign the tenancy agreement. As long as combined income matches = 2.5 x monthly rent then the insurance provider will be happy. This could be e.g. £4k employed + £3k self-employed + £0
Or perhaps just the brothers could sign the agreement and the wife has the permission to live there.
You can still get comprehensive referencing for the wife. Sure, she will not have income and the report will come up as a warning but the insurance provider (for rent protection) will look at the tenant income together.
Ok thankyou for the reply that helps a lot and provides reassurance that I’m not going to be wasting money and time to ultimately be declined for the insurance.