Absolutely !! I will no longer reply anymore as I don’t have the time to keep going over the same thing !
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I think I am going to require guarantor as standard from now on regardless. Thankfully I have never had a tenant not pay. Im also considering requesting a DBS report as standard. Arse covering ahoy! Anything to minimise the risk 
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A mortgage provider normally requires at least 2 to 3 years accounts for self employed, whereas for employed just 3 months bank statements and only need to be employed for 3 months.
Statistically lenders believe that SE are at risk of defaulting far higher than employed. Highlighting individual instances or speculating on “probability” does not change the historical data of which forms the basis of lending criteria. Clearly the same principle applies to SE tenants.
A Citizens advice study found that SE are more likely to be in arrears than employed.
The origional poster has been told by several helpful people how the system works ie how it allows someone who has paid 6 months upfront to stay in the property for months if not years even when not paying any rent once the 6 months is up . He still doesnt get it though so i wont repeat it.
I will say though that several years ago i made a decision that has served me well and that is not to rent to any self employed people or even employed people in the private sector.
Its because i found from my experience they were the ones who would be late paying rent or not pay at all . Its obvious why this is the case as they may be very conscientious and hard working people but if self employed they are at the mercy of the available work and also at risk of medical conditions stopping them earning . Employed in the private sector are at risk of redundancies .
So for me its public sector workers every time as Doctors ,Nurses ,Hospital staff,Police officers teachers ,firemen etc are never made redundant ,are very hard to sack no matter how incompetent they are and if they go off ‘sick’ they get full pay for many months .
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‘Very hard to sack no matter how incompetent they are’ lol.
Am laughing because it’s true!
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I the past when I’ve had an application from somebody in your situation I would have asked for a larger deposit - not paying 6 months rent in advance. This always worked for us, unfortunately the government has decided to penalise both landlords & tenants by stipulating a maximum deposit.
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Sorry could I just ask, I have had a mortgage for 15 years previously, I don’t remember them going through my spending habits, savings etc, is this a new thing?
When applying for a mortgage, a lender typically requires at least 3 months bank statements if employed, 2 years accounts if SE. The underwriter will assess an applicants spending behaviour and is taken into account. If you have a gambling addiction or constantly overdrawn it certainly wouldn’t work in your favour…
Ll with multiple properties have to produce forecasts and details and jump through many more hoops. (Portfolio lls)
Renewing a mortgage deal with same lender usually doesn’t require the hoop jumping.
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Thank you, maybe it’s been such a while, I just can’t remember the process, I just don’t recall having to produce bank statements, thanks for the info
Hi Ni1,
I would never take 6 mths rent payments up front - WHILST S.21 IS still in place, I’d still want the opportunity to use it, if it became necessary - by issuing it 4 mths. in - for them to leave 2 mths. later. Two months in, with one set of tenants, I emailed them explaining that they’d lied on their application (I wouldn’t have taken them on if they’d been honest) and gave them the option to leave early WITHOUT PENALTY - they decided to leave at end of month 3 and I helped them move their stuff to their parents house.
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