Paying 6 months rent in advance

[threebedroomswanted]

I've only been self employed for a few months, but I have good credit history. I have a lot of savings, I don't think any estate agents/landlords would accept me, the ones I've spoken to have said I need to be self employed for at least 6 months.

Since I have a lot of savings, I'm thinking of offering 6 months rent in advance. I really need to get out, living with my ex is becoming unbearable.

Anyone done this?

Yes it worked brilliantly

Yes worked for me too

So odd. Someone posted an almost identical thread a few minutes ago.

www.mumsnet.com/Talk/am_i_being_unreasonable/3377603-to-bypass-estate-agent-on-potential-house?msgid=81347538

Upshot is, yeah if you can pay 6 months in advance, I think it eliminates the need for credit checks...

Yes, my ex did this, and also managed to negotiate a discounted rent due to the advance payment

Yes I did it.

Ok, where are you guys based? I'm in London, the ones who's done it, did you go trough an estate agent on Rightmove or just a landlord?

Any one of the above would work OP. Just ask.

I mean ask the property agent.

Berkshire- went through the agent as didn’t know the landlord

When I moved back to the country neither my husband nor I had any credit history in the UK. We paid 6 months rent in advance everyone we approached was happy to accept this.

Yes. Both privately and through letting agents.

It’s typically initially a six month shorthold tenancy, so you aren’t asking any favours; you’re doing THEM a favour as they have zero risk of the rent not being paid within the contract so it makes you very appealing as a renter. Just explain and it should be fine

After the 6 months (in my experience) it just reverts to a rolling contract so you pay monthly.

Good luck with moving out from living with the ex. I lived with mine too and it was horrendous.

I have had to do this with all my rentals from age 17 to 25 as I have no one who will be a guarantor for me and I live off disability benefits.

Landlords are usually very willing to accept as it's pretty much risk free for them - they already have the rent and by giving such a large amount you've proven your ability to budget making the risk of non payment a little lower too.

It can be hard getting the money together at first if you don't have savings, but you also don't have to pay rent for 6 months which helps to get your finances back in order afterwards.

Hoping now I'm almost 30 I won't need to do it anymore but I'm still going to start saving up towards the end of my lease just in case.

Yep we’ve done this in the past. Worked well, and just reverted to paying monthly after the first six months. All arranged through the agency.

We have a rental in London and it’s pretty common. Most agencies/ landlords do it often because people are coming from overseas so don’t have references etc in the UK. We’re always very relaxed about it. But a note of caution they may ask you to pay the next 6 months up front and only move to monthly payments after a year so just make sure you budget accordingly

If you have a good credit history youd pass referencing. Thats what landlirds need to know so their insurance is valid. Youve now got a new 'job', I suppose there is a risk your income reduces, but no more than a tenant getting pregnant or seperating etc. As a landlord, if everything else about your application was straighforward it wouldnt concern me.

I wouldnt accept it.

Even though you can pay six months in advance there is no guarantee that at the end of it you will:

(1) be able to pay the remaining months on the rolling or new tenancy

(2) Leave in the event of (1) meaning I'd have to take you to court to evict you

So no, I wouldn't accept six months up front.

six months in advance would ring alarm bells with me, but I got the deal/steal/trash triple treat. I'd want to see lots of real references from previous landlords and would do some heavy social media stalking. I would also want to visit at one month and three months to be sure you are actually the person in the property.

you would still need to pass all the normal references, although with good credit history that would be less of an issue.

also six months in advance (after the first one) can make notice six months on both sides in some cases.

I know most tenants are normal humans but the ones who aren't are sitting pretty once they are in, hence the caution.

@Woolythoughts have you had tenants who couldn't pay on a monthly basis after the 6 months.

I earn 2x the rent even though I've only been self employed for 3 months. Wouldn't that prove I can pay the rent after the 6 months?

@specialsubject with the regards to references, I have never lived alone before, went straight from my parents house to my husbands. I'm getting divorced, and it's his property, what do I do then? I can't provide references from former landlords as I've never rented before.

I know returning UK expats - both ft mc professionals, no kids - who had to pay 6 months in advance,
because they had no UK credit history

They had to always keep a rolling 6 months in advance - it didn't reduce to 1 month after the first 6 months.

So offer to keep this 6 months always in advance ?
It's like a huge deposit

Presumably after 2 years or so, you'd have your own decent credit score

Yes.

Alternative is a guarantor, but that's usually for very young tenants

Anyone done this?

My dd did this when she was doing an educational course in another city, with a part time job, and therefore not enough income to pass muster on renting the flat. She only ever intended to stay for the six months but the landlord was quite happy with the six months in advance.

@threebedroomswanted I had to leave home at 17 as my dad was violent. I offered 6 months up front and a character reference written by one of my college teachers! It did the trick.

If they do ask for references just explain your circumstances and ask if there is anything else you can provide instead. A lot of landlords are willing to bend rules if you work with them.