Got a prospect tenant music to my ears family, kid over 10 now, and parents are getting married 10 years after having their kid. Then when it comes to me asking them for bank statement, he feels uncomfortable and don’t want to show due to privacy.
This gives some red flag, so I asked them to hide and only show salary and sufficient income, he scribbled most of the other item and showing only salary. He said they got joined account but can’t show me.
BUT, he didn’t scribble too good so I can see his balance has over 1000 overdraft and had daily charge payment for days. also some gambling habits.
Lastly, I did a search and looks like he’s got 2 kids not telling me about. Also from the salary take home pay is 16% less than the take home pay calculation which is exactly childcare cost for 2 kids.
If you are the landlord would you accept if they passed openrent referencing? The concern is would they run out of money, and the other if they lied once would they lie always?
Or I am over thinking it?
It’s a simple no. Move onto the next one. Clearly trying to hide the lie, essential to have transparency. Don’t take risks with something so critical to you.
This check is fundamental to checking affordability which is to the benefit of both parties. Straight ‘No’. Next
It’s not just about income, it’s also very much about outgoings and spending habits. If they have passed the referencing with Openrent it goes to show you still need to do your own checks to establish affordability.As others have said, Application declined in this case.
How many bank latest statements will suffice, do you think? Also, we had a T who wouldnt’ give us bank statements but showed his salary figure for the last months. Would you accept such T? He’s been paying the rent without any hitch.
Personally I’d need to see the financial outgoing commitments as well as the income.
In case you dont already have one, you need a GDPR Privacy Notice which you give to the tenant prior to requesting any information. The notice should cover how you handle their data, especially highly sensitive data. Mine says that I will use any financial documents they send me immediately and solely for the purpose of checking affordability and will then delete all copies, including from servers.
In this case, I suspect it wouldnt have made much difference as he was clearly hiding things, but it does help reassure genuine applicants.
its a no from me . Hiding anything is a no
They say outgoing commitment is private. is that a legit reason? or just what extra information good for us but we are not suppose to see?
He will probably shoots back saying he got rights this and that and start arguing. Saying previous agent or landlord never requires them etc.
Anyway to reject them? probably they gona say come on we are getting married and got into some overdraft etc.
Also, if passed reference and able to get rent insurance would that be a concern still?
you as a landlord have rights as well. The right to be entirely satisfied with the financial standing of a future tenant No bank statements no place to live. You want a tenant who will argue with you?
Well respect may also be another thing for someone’s privacy?
I don’t know as I am new but would it be a bad tenant not telling you he divorced and got 2 kids not mentioned somewhere else and the kid they current have is the new girlfriend’s?
this landlord selection thing is very judgemental and discriminative in nature, so i just dont want to breach any morals to create some issue down the line
we can tell you are new . I would like to think that after 40 ish years as a landlord I have some experience, Work on the fact that 75% of tenants will lie or evade the truth. Your choice . We told you so
Yes, the stats is good to know, but what is key for me to understand is, is that an issue which I am better to reject the tenant. that is the only thing I am concerned about at the moment. and is that sort of lie a problem?
I have never had a tenant refuse to show bank statements. Those with nothing to hide accept this as part of the process. You need to protect your investment.
Imagine if landlords refused to show bank statements when applying for mortgage….wouldn’t get very far.
i cannot believe this £1000 overdrawn , gambling habits ,maybe more kids? You are still thinking of this . I have to say that You are coming across as desperate or naive .Reject …any one who lies will be hiding something else
Result just came out, this openrent referencing is showing as totally fine in all aspects.
Well, the plus point is, kept property tidy, paying rent on time, moving due to want kids go to school to be closer.
they provided P60, current landlord contact, landlord selling and landlord name on land registry, payslips, Estate agent called and they are all fine and salary and tax number does adds up and genuine from my own secondary check. Do those points not enough to get over his honesty about private life and spending habits?
This is KEY information that he doesn’t want to disclose. Transparency is required. Only you can decide.
You have decades of experience here.
My gut would be to move on and find someone who is open and honest and upfront. What happens if you want to do an inspection and they decide they want their privacy? Huge red flag I don’t even do a viewing if they can’t or won’t provide the paper work I require. Also an agent will tell you anything you want to hear as will a landlord who is trying to rid themselves of a problem tenant.
Well the thing is they are happy to provide everything else. It seems like either he wants to hide shame or try not to let his debt be a problem
How about gambling habits? Still ok? Maybe, that is the main reason of overdraft? It may be a bad habit or may an addiction. In this case, T will always prioritize it to paying the rent.
However, it’s your risk, your gambling, LOL. You decide if it’s worth it. Evictions can amount to tens of thousands, especially as these people have a minor in their care. No judge will just chuck them out without much thought and lots of extra time.
Really, it’s your call. Your money. Good luck with whatever you decide.