We have a tenant from abroad who viewed our property.
He come across as lovely, but he has only been in the country a few weeks. He has been transferred to a job in uk as a manager and is earning a very good salary. He has no wages slips and is in process of opening a UK bank account. We have seen his contract of employment and identity documents.
He will therefore fail any credit check by open rent because no credit history or bank account.
My gut feel is to accept thr tenant, but my head is worried of accepting a tenant that has not passed a credit check?
You used to be able to ask for 6 or12 months rent upfront but not now with the RRA.
Does he have a credit card in his own country and thus a credit file that he can print off and send to you? Will his employer vouch for him with a reference?
If he gets a bank account refused how will he pay you?
He should find serviced accomodation that he pays weekly and build up a credit record with a UK credit card and contract mobile phone for like 6 months minimum. You cannot take chances with your investment.
Wherever he’s come from, he’ll have bank statements you can look at from overseas. These are still valuable to give you a picture of how he handles finances. You can also get his HR dept to confirm the duration and type of his contract as well as to confirm his salary in lieu of wage slips so that you can independently verify his employment.
Ask him for access to social media accounts too.
You’ve said you’ve seen his ID, but have you checked right to rent via his share code and DOB?
Thanks for your replies everyone. Very helpful. Seems alot hardwork to vet an overseas tenant. I will hold out for a less risky one that will be accepted on to rent garauntee insurance.
Personally, I don’t think it’s much different from vetting any applicant. As long as they have the paperwork and contacts to verify that paperwork, it’s the same process. In fact, because there’s no point in running a credit check it’s actually easier and cheaper.
If he has a good job with a known company who he has worked with for a while I’d go for it. We’ve had teachers from Canada and Singapore. Didn’t stay very long but no problem with rent. Very courteous too. Make sure the company confirms employment and how long he’s been with them.