Income needed to rent

7 replies

Bizkit · 01/04/2015 07:02

How much would a potential landlord be looking for someone's monthy/annual income to be for a place thats around the Â£800-900 a month? Does anybody have a rough idea?

OP posts:

MrsPJones · 01/04/2015 09:07

I think it is about £23-24000

specialsubject · 01/04/2015 10:52

my agent looks for rent to be no more than 40% of income. Which makes sense anyway.

Original poster

Bizkit · 03/04/2015 16:53

Thanks guys, don't think I will be able to do it on my income then, its frustrating that Landlords are so reluctant to take tenants who just need that little bit of help with some housing benefit, looks like I'm stuck where I am for the foreseeable future.

OP posts:

specialsubject · 03/04/2015 17:50

if your HB is stable and the sums stack up otherwise, push yourself forward a bit. Most ads say 'no benefits' by default, and many landlords cannot take people on benefits for insurance/mortgage reasons. (that's the reason) But that doesn't apply to all landlords.

if you can sell yourself as a good tenant - steady income, have run a house before, don't smoke, control measures/higher deposit for any pets, give it a go. A guarantor is another idea if possible.

Original poster

Bizkit · 03/04/2015 18:08

Ive been living in my currently house for 9yrs and received HB for the majority of that time with no problems.
I'm looking to move out of the borough though so would basically have to start again with applying to that council for HB which could take a few weeks to sort, I need a landlord who will understand that. I would have no problems paying deposits and the first few months rent if need be as I have an income of 1700 including my tax credits and child benefit and I also have savings, it would just be tight with living expenses, as I only work part time I'm eligible for help with rent, its getting my foot in the door with a landlord knowing I will be applying once there that's the problem, I guess I should just call round some estate agents and explain this again, may get lucky, but it seems we are all tarred with the same brush and landlords just dont want to take the chance with HB tenants, which I cant really blame them for.

I called an estate agent in this area when I was looking round here who are known to have landlords on their books who accept, but he didnt have any at the time and also said I would need a guarantor who earns like 60 grand a year! Not likely, he said he would call me if anything came up, he never did.

OP posts:

specialsubject · 03/04/2015 18:13

could you manage the first six months rent in advance, for an initial tenancy of that long? That would get you started - no risk to the landlord that way, and also none to you as you WILL be there for that six months. Still have to get past the agents (although my agent are a national chain and pass on such offers) but sounds well worth a go.

if you can confirm to the landlord that you will be eligible for HB in the new council, that could well work.

do double-check your sums though re living expenses, as I'm sure you've considered.

estreya · 03/04/2015 18:57

most agencies ask for 2.5 the yearly price of the house. So for 800
800x2.5x 12=24000
for 900
900x2.5x12=27000
if you have a partner, that income can be combined

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