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Question for London residential estate agents re credit rating....

4 replies

VickyBHF · 24/05/2020 08:40

Hi all, would be grateful for some help. In the next 2 years or so we want to move to somewhere bigger for space, but want to stay in the same area as DCs settled into schools etc. We wouldn’t be able to afford to buy anywhere bigger in our area so are considering renting our place out and then renting somewhere bigger for a few (maybe 5) “crunch” years when we’ll have teenagers at home. Then the plan is to move back into our house (Is high we consider a long term investment) when they leave home. My question relates to credit rating. Ours is pretty shit (for a variety of reasons - bad decisions in the past) even though now we’re totally fine financially now and have been for a couple of years. Would that affect our ability to rent somewhere? Would estate agents run a background credit check? Is there a system whereby we can have, say, 6 months rent in a holding account in advance if our landlord was nervous about taking us on? For context we’re talking about a household income of minimum £400k and a property rent of approx £8-10pcm . Sorry to be so useless on rentals but we’ve always owned so I don’t really know how it works. Thank you!

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VickyBHF · 01/06/2020 18:30

Anyone?? Thank you.

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PurBal · 01/06/2020 18:34

You need to speak to a mortgage broker rather than an estate agent. Unless you've had to go to court your credit score shouldn't be a problem. DH had defaulted on a loan. We had a mortgage offer in March. Our broker very politely and courteously told us we were over worrying. As for brokers try to choose someone independent rather than going direct to a bank or building society. They do the leg work and often get a better deal. Our broker does out of hours home visits, so we just sat on the sofa one evening and went over it all.

PurBal · 01/06/2020 18:35

Shit. Sorry, just realised you're renting. Covid brain is killing me right now! Also don't think it would be a problem so long as you can pay the upfront fees. Speak to the managing agent.

VickyBHF · 01/06/2020 18:48

Thanks so much @PurBal - Really appreciate your insight. No worries Re Covid brain!

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