Proof of finances rental property

[lovelemoncurd]

I'm just posting for advice. My adult daughter (21) is finishing uni this year and wants to rent a flat. What do rental companies ask for re proof of finances, income etc?

In a student house they ask parents to act as guarantor but what do they request in private property?

My DD and boyfriend are just about to do this, though they are a little older. I am expecting 3 months payslips, employer reference and at least one month rent in advance plus a substantial damages deposit and a letting agents fee. Letting agents will probably do a credit check too.
Be prepared to act as a guarantor again !
Good luck

When I rented a new property last year, things had changed since I last did. Some letting agents may have different approaches but I had to show proof of earnings, my employer was asked for confirmation. I had to earn 32 (or 34, not sure) times my monthly rent or be able to show sufficient savings to cover the shortfall. Reference from then landlord. 6 weeks rent.

6 weeks rent as deposit that should say. Letting agent fees also.

It will be proof of income from her employer (eg an offer letter stating salary) and if she hasn’t started work yet before she moves in I would expect she will need a guarantor.

My young relatives -mid-20s- both working in the NHS as nurses - still needed a guarantor. The guarantor needed to provide of their earnings, via their employer, and when that wasn’t enough money, proof of the guarantor’s savings.

There will not be any letting agent fees, agents are not allowed to charge these any more.
Usually it’s rent paid monthly in advance so needs to be paid before contract start date and Deposit is capped (a lot of agents use rent plus £100 as the deposit amount).
Re the referencing your DD will need proof of income and if this is not high enough and/or she’s hasn’t been in her job for very long then she may be able to use you as a guarantor. Or the landlord might accept 6 months rent paid upfront.
Generally applicants pay the equivalent of 1 weeks rent as a holding deposit, and have 2 weeks to complete the referencing. If they fail the referencing or change their mind about going ahead the agent can keep this sum to offset the costs incurred.
If after referencing successfully the landlord changes their mind about renting, then the deposit will be returned to the applicant.

Just to clarify, if all goes well (as it generally does) then the holding deposit will be used towards the first rent.

@Superstardjs

6 weeks rent as deposit that should say. Letting agent fees also.

They should only charge for 5 weeks deposit max.

I'd also recommend looking to rent direct from a private landlord via gumtree etc. They can be much more accommodating. There's also a company called Portico that allows private landlords to advertise through Rightmove.

My young adult DC moved out last year and used private landlords because agencies just took the mickey with the amount of guff and red tape required. Private landlord wanted 3 months wage slips and an employer reference, one month rent as bond, plus one month rent in advance.