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pitman4u
17-03-2007, 15:58 PM
Please could someone give me some advice!!!!

im 22 yrs old and in the process of trying to rent a private flat for the first time. The application has came back from the estate agents saying they require a financial guarantor, as for some reason unbeknown to me my credit score was just below the criteria. (i am going to see why when this is over!!!) The references from my boss and everything else was fine, stating my current earnings of £22,000+ per annum, and as the rent is £450pcm, well within my budget. The problem is the only guarantor i can get, or would feel comfortable asking is my mum, who i know has a poor credit scoring, but also earns half my annual earnings, roughly £13,000 per annum. Surely there must be another way so i dont miss out on getting my own place?????

any help or suggestions greatly appreciated!!!!!!!!!!!!!!!!!!!

Joannepowell
17-03-2007, 16:07 PM
Please could someone give me some advice!!!!

im 22 yrs old and in the process of trying to rent a private flat for the first time. The application has came back from the estate agents saying they require a financial guarantor, as for some reason unbeknown to me my credit score was just below the criteria. (i am going to see why when this is over!!!) The references from my boss and everything else was fine, stating my current earnings of £22,000+ per annum, and as the rent is £450pcm, well within my budget. The problem is the only guarantor i can get, or would feel comfortable asking is my mum, who i know has a poor credit scoring, but also earns half my annual earnings, roughly £13,000 per annum. Surely there must be another way so i dont miss out on getting my own place?????

any help or suggestions greatly appreciated!!!!!!!!!!!!!!!!!!!



Pitman, I do not envy your situation. In the event you do not find a guarantor are you not in a position to offer additional rent in advance?

Also, have a look at this link

http://www.iguarantee.co.uk/

it may not be of much use to you right at the moment but might be useful in a couple of weeks if you are still not sorted.

Good luck

Kind Regards

J

Ericthelobster
17-03-2007, 17:01 PM
The application has came back from the estate agents saying they require a financial guarantor, as for some reason unbeknown to me my credit score was just below the criteria. (i am going to see why when this is over!!!) The references from my boss and everything else was fine, stating my current earnings of £22,000+ per annum, and as the rent is £450pcm, well within my budget. The problem is the only guarantor i can get, or would feel comfortable asking is my mum, who i know has a poor credit scoring, but also earns half my annual earnings, roughly £13,000 per annum.Maybe you should ask them now why your credit score was poor, if you don't know - it's not impossible that it's incorrect for some reason. Or maybe this agent has an unusually high 'points' threshold below which a guarantor is needed? Other reasons might be that you haven't got yourself on the electoral roll for any length of time; maybe (rather perversely) you haven't applied for credit before (eg credit cards) which reduces your creditworthiness.

You might find youd be better off renting direct from a landlord, ie not going to an agent at all. Individual landlords are much less likely than agents to have a rigorously enforced 'points' threshold - personally I get the credit check done and consider the result alongside all the other information I have - ie, salary, employment security, references, ID checks etc - and make a judgement accordingly as to whether the applicant (a) is suitable potential tenant and (b) would require a guarantor. If you were coming to me, then your age/salary/level of rent would not suggest to me that a guarantor was required, unless there were hidden nasties in your credit history. An agent on the other hand is much more likely to just have a list of boxes to tick, which might include a credit score above yours.

By the way, in case you were thinking of trying her for size, your mum wouldn't be likely to be an acceptable guarantor anyway - as you've probably sussed.

pitman4u
17-03-2007, 18:32 PM
Thanks i will just have to wait to find out the decision this week. Yeah i have thought about offering additional rent in advance, and its something i will suggest if my application is declined. Im going to request my credit report aswell to see where the problem is. i have had loans and credit cards without problems that have all been paid off, so its a bit annoying!!!!
fingers crossed!!!!!!!!!!!!

Joannepowell
17-03-2007, 18:39 PM
Thanks i will just have to wait to find out the decision this week. Yeah i have thought about offering additional rent in advance, and its something i will suggest if my application is declined. Im going to request my credit report aswell to see where the problem is. i have had loans and credit cards without problems that have all been paid off, so its a bit annoying!!!!
fingers crossed!!!!!!!!!!!!


Good Luck with it pitman.

J

Worldlife
17-03-2007, 20:15 PM
I had a young fella with superb references and guarantor.

Unfortunately he lost his job. Housing Benefit was only paid for a short time and then because he was under 25 the Housing Benefit paid was for a single room and not a flat.

I would be very wary about taking on a young person not entitled to Housing Benefit as a fallback situation.

If a substantial rent in advance was paid I would reconsider my position.

pitman4u
17-03-2007, 22:20 PM
ok thanks i will put the offer of maybe a few months advanced rent to the estate agent if my application gets declined, as this wouldnt be a problem. Job security also isnt a problem in the industry i work in as im currently on an apprenticeship scheme with 2 yrs left, and fortunately with earnings only increasing. Which makes the situation all the more frustrating!!!
thanks again

rewop46
17-03-2007, 22:43 PM
pitman4u

Most landlords are very wary because once you're in you have a lot of rights. They need to know that you can afford to rent in the first place. As a rule we only take on younger people if there are two of them sharing the costs. You have to remember that your rent is only the half of it - literally. It helps if your parents go along when you are viewing properties.

Just an example of a fellow lateral thinker: a young lady came to me who couldn't be referenced for some reason. She wanted the place desparately (not usually a good sign) for 6 months only. She asked if I would take her if she paid it all up front. I said yes please.

I found out later that she took it from her credit cards and surfed them for the whole period, paying them of by the equivalent of the monthly rent. It is more difficult to do this now but it worked for her.

It has also been mentioned here to do this privately; no agency fees and a good chance of no checks either.

Good luck ;)

rewop