Looking for a home in W London but can’t pass the checks. Partner and I work FT, he runs his own business.
income after tax deduction must be thrice the rent if not even if u have 50000 pounds in the bank credit check won’t pass. get a guarantor and show your spending history with 3 month regular income ie 3 month bank statements.
We needed to earn a joint total of 30x rent, and our guarantor needed to make 36x rent. We offered 6 months’ rent but was turned down. My partner is self-employed, and we both have a good credit history. Is there anything we can do other than wait a couple of years for accounts post-covid?
S/E always need 3 years good accounts
yes that’s the norm, as a landlord I usually meet up face to face and get a clear understanding of their financial commitments and average earnings taking into account that the earnings for self employed can be up and down,a high earning self employed BBC reporter vs a brick layer - nature of stability of work as a self employed doctor for eg-will not go out of work unless sick etc. I don’t think computerised risk assessments can give a full picture. If the tenant is forthcoming with the necessary information and honest one can generally gauge in the first instance. If all agents and landlords go by strict criteria half of UK population will be on streets. Tenants should not worry unnecessarily about their data. When landlords spend thousands of their only savings to put into their only rental property (most) and entrust a stranger, one should make their best efforts to convince that they will be good tenants. Keep looking, you will succeed. Good luck.
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