affordability
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What proof of savings does an applicant need to provide?
Read more: What proof of savings does an applicant need to provide?If an applicant wishes to provide details of their savings as proof of affordability, they must provide financial statements for a savings account covering the last 6 months that show no money has been withdrawn from that account in that period – providing bank statements for a current account, statements covering less than 6 months, statements that are not current or statements showing money has been withdrawn from the account in the last 6 months will not be adequate to support an application. Still not answered your question? We love questions so fire it at us using the contact details…
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Can I pay more than one months rent in advance?
Read more: Can I pay more than one months rent in advance?Yes – under the terms of our Tenancy Agreements, rent is always paid in advance – typically monthly for the next rental month. Tenants can at their discretion pay more that one months rent in advance. Where a tenant has a low credit score or fails the affordability assessment, it may be a pre-condition of granting a tenancy that the tenant pays rent in advance for the entire fixed term of the tenancy e.g 6 months. Still not answered your question? We love questions so fire it at us using the contact details here Please rate this article so we…
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Why did I fail the affordability assessment?
Read more: Why did I fail the affordability assessment?Your income as verified by the tenant referencing company does not meet or exceed the level for the rent to be deemed affordable. More information on how the affordability is assessed can he found in this article here. Still not answered your question? We love questions so fire it at us using the contact details here Please rate this article so we know how well it answered your question…
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Why do you need to contact my employer?
Read more: Why do you need to contact my employer?To verify that your salary is sufficient to cover the rent – part of what is known as the Affordability Assessment.
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Do you have an affordability formula vs annual salary when letting to tenants?
Read more: Do you have an affordability formula vs annual salary when letting to tenants?Yes – There are two common ways of calculating rent affordability: Assessment based on research – Research by the housing and homelessness charity Shelter suggests that a rent that equates to at least 35% of gross annual household income is not an affordable rent. Calculate your maximum affordable rent as follows: Gross Annual Household Income X 0.35 = Maximum Affordable Rent Per Annum If you don’t have an income that exceeds this level you will almost certainly fail the referencing though proof that you have savings of at least 35 X monthly rent would be sufficient to satisfy any affordability…