Our referencing criteria is generally as follows for tenants renting a property from us:
- EMPLOYED / SELF-EMPLOYED: You must earn at least 30 times the monthly rent each year. Adult tenants may combine their income to reach this figure if required, however, absolutely No BENEFITS (DSS, DHS, Universal Credit, etc.) may be included or claimed for. Income from property rentals can only be taken into account if the income comes from 5 or more rented properties. For all income that is not paid as PAYE income, you will need to provide a completed tax return for the previous year showing the income level you are required to earn (this is usually in the form of a SA302 document from HMRC).
- No tenants/guarantors may have adverse credit history or convictions without prior agreement (in some circumstances, as long as you have declared any bad credit history or convictions, a special allowance may be possible). For more information on credit checking and the "The Lettings Hub" referencing criteria (see below).
- STUDENTS: International Students must pay 100% of the rent upfront for the whole tenancy (or per year if more than 1-year tenancy). UK Citizen Students must pay their rent each term (when student finance is paid) with a UK citizen guarantor who passes referencing fully.
- No pets allowed (however, for some properties you are able to request special permission to keep a pet with you as part of the "Special Conditions" within your offer for the property.)
- No smoking inside the property.
There are ways of passing referencing if you do not earn 30x or more the monthly rent per year:
1. Using a Guarantor (subject to the landlord agreeing to this):
- Your Guarantor must earn 36 x or more the monthly rent per year, be a UK citizen and have an excellent credit history (the same rules apply for guarantors as described above for Employed/Self-Employed people)
- The Guarantor would be required to sign a legally binding guarantor agreement and there is an additional administration fee of £72 per guarantor
2. Paying the full rent up front for the entire tenancy (subject to the landlord agreeing to this):
3. Providing proof of adequate savings on top of your annual income could help you pass referencing - for example, if you earn £20,000 a year but you need to earn £22,500 to be eligible to rent the property, provable savings of around £3,000 or more would be sufficient to prove that you can rent the property. This proof would need to be in the form of a personal bank statement, in your name, dated within the last 25 days.
Required Documents and Right to Rent:
All tenants and guarantors are required to provide specific documents to us and go through specific documentary checks, please click here to find out more.
"The Lettings Hub" External Referencing Criteria:
Generally, all tenants and guarantors will need to receive an "ACCEPT" result from "The Lettings Hub" external referencing. Please see their full referencing criteria attached below.