Hello there,
Reading on from someone in a similar predicament to us, I thought I would post here.
My partner and I are wishing to rent our first flat together. We have found the perfect property, but demand is extremely high. The estate agents have said that 10 people will be making offers to the landlord. So we are doubtful that we will get it, but we wrote a letter to the landlord to explain why we would make good tenants, and to tell them about ourselves.
My partner is a US citizen, with the right to live and work here until 2025. I am a British Citizen.
We are both postgraduate students, with high paying jobs lined up for after the courses are complete. Our living costs and course fees are funded by our big name companies (finance).
As we live in a very expensive city, our income won't pass the credit check. The landlord told me this was 30x monthly rent. I asked if I could have a guarantor and she seemed fine with it, but said "of course I assume you have savings". I have enough money in the bank for two years rent for the entire place, before my maintenance grants come in from my firm.
On closer inspection of the application, it says that the guarantor has to earn 3.75 times the annual rent. As my dad is semi-retired he doesn't meet this figure. He owns his own home, and some other family properties. The same goes for my mum, she owns half of the family home, but also owns a smaller house in which a family member lives rent free. Together, their income is above the 3.75 times annual rent, but either on their own, fall just short of this. (Annual rent is £22,800 or £1900pcm, so individual salary would need to be £85,500!)
I spoke to my grandfather who also rents out a house or two, and he said 3.75 times for the guarantor is the highest he has come across. His estate agent uses the same formula as the tenant credit check. But it makes sense for it to be higher, as a guarantor would have their own living costs. It's annoying, as we definitely have the financial means, but because it is not on paper as income, then we would fail the credit checks.
My partner cannot use his parents as a guarantor as they live in the US.
This seems like a hurdle that might make the landlord pick another couple over us.
Is it possible for both of my parents to be guarantors?
Can I send a screenshot of my savings to show affordability?
We have told the landlord that we are willing to pay the full rent upfront. Is there anything else we can do?