Hi I am about to reference check two young early 20 year old tenants who just recently started work male and female friends. The female lead tenant just have enough to pay the rent with monthly salary of £1700 .Totalling both their monthly net salary they might be struggling to pay in the future. Do I have the right to ask for additional guarantor for each tenant or 1 guarantor is enough to add ? Note, they are colleagues /friends at work and not having a relationship. Pls help so we can make a better decision for these two young tenants soon. Many thanks
go for a guarantor for each is the safe option . as maybe one will leave and it could be the one with the guarantor
2 Likes
Definitely get a guarantor, they haven’t lived in the real world yet, they’re still giddy with being paid.
I took on similar two lads out of uni working for the same company. Word of caution they treated my place like a UNI HMO it was Filthy.
1 Like
Brilliant!!! Thank you both for your great thoughts and advises. I’ll take them on board. You’ve opened up my mind. I’ll do what is necessary. Thank you again.
1 Like
I think the rental to income ratio is around 30% of their earning to cover rent , so what are their earning and how much is the rent, then apply the ratio
Hi Leslie, another great advise. I’m learning a lot. Briliant!! Thanks again.
Renting is a disaster. I am fed up with people who pester you to let them rent and then proceed to cause problems during and at the end
If I could sell my 2 bed flat for a reasonable price, currently down 30% over 10 years I would get out of the market.
@Derek8 - I am intrigued. None of my properties (including the ones that I have already sold) have lost 30% of their value since 2013. They are all worth more than they were then. Where is the flat?
You may be intrigued but its true. I purched it in August at £169,995.00 by October it was valued at £120,000.00. Now if you can get it about £150,000.
You must have heared about EAST FLOAT QUAY. Birkenhead
there is a lot of building work going on around there New brighton included Getting to be upmarket Do you think you paid too much in the first place? I was in that area a week ago and many apartments are being built
We’ve waited 15 years for prices to increase doesn’t look like there will be much of an increase. On original price obviously included new build premium. Big problem was developer went bust, building insurance voided, conversion had serious hidden problems, recent building work £1.6M+ payable by leases. Expect more in the short term. Best result flatten it, but its Grade 2 listed. Many buy to let trying to get out, interest rates going up. Not a good investment, but it was my home for ten years hoping to get to a breakeven point. Still hoping.
Someone there is asking 200k for a 2 bed. Probably you have a better idea than me as to if that is realistic
Hi, I always use a rent calculator that you can find online. This has taken into consideration general living costs including the rent. If the rent is unaffordable, having to rely on getting the difference from a guarantor could become quite difficult on a monthly basis all because they couldn’t really afford the rent in the first place.
I think it’s important that we as landlords don’t put people into poverty.
very true It will cause problems for all concerned. However there are some who will put themselves into poverty by living beyond their means
This topic was automatically closed 90 days after the last reply. New replies are no longer allowed.