Rent Gurantee Insurance when tenent income is little low

HI , I am a new landlord and new to open rent.
If i understand correctly , tenant’s income needs to be at a certain level to get rent grantee insurance. I get some inquiries where tenent’s income is 1k or 2k lower then the required amount. should i reject these applications straight away or there is a way i can still get rent grantee insurance for these applicants ?

Hi Fahad,

If you are looking to use OpenRent’s RGI you can still take out a policy if the tenant(s) are able to provide a UK based guarantor who passes comprehensive referencing checks.

You can find out more about the role of guarantors within tenancies and how this helps with RGI here:

Even if tenant(s) are unable to provide a guarantor who meets the requirements there are other steps that you can take which offer extra peace of mind. These include asking for more than one month’s rent in advance, increasing the deposit amount, or still requiring a guarantor to be added to the contract.

We have a fantastic article on our Help Centre which goes through all of your options when a tenant doesn’t quite pass referencing which I’ll link to below:

If any other landlords have different ways of getting peace of mind at the start of a tenancy we’d love to hear about them so please do post below.