Will we pass credit referencing?

[loreum]

So, just wondering if we will pass credit referencing.

Rental amount: £1175 a month

Me: Income of £24,000. My mum is my guarantor and earns £26,000.
Boyfriend: Income of £8,500 from student loans. He will graduate in January and then get a job. His dad is his guarantor and earns £31,000.

We can pay maybe 6 months up front.

Really depends on the landlord. They have final say.

If you are being referenced by a stand alone referencing agency such as homelet or goodlord you would been to show annual income of 2.5x the annual rent
your guarantor would need to show 3x tje annual rent as well as having no ccjs or adverse credit

Also they won’t take into account any amount of student finance

So daft question maybe.

But does the guarantor minimum income have to be from one person?

If we are sharing the flat. Can I have a guarantor, and then can my boyfriend have a guarantor?

As based on 3x income. Neither guarantor would - alone - meet the requirements. But if it's 'half each' then they both would ifyswim.

Yeah it’s half each, each guarantor would need to be able to show 3x 50% of the annual rent, if that makes sense

You bring home about 1600. Your boyfriend 700. So after rent you would have 1000 for bills, food etc. Rent is more than half your income.
More than will you pass credit referencing, would you want to live that lifestyle?

Unfortunately that rent amount is the lowest for this area. I want to be near my elderly gran for care.

The calculations you made are based on 6 months of my boyfriend’s income. He has a pretty good skillset, and currently makes £150 a day. So say he works 5 months at £100 a day, that’s £10,000 before NI and any taxes.

So do you think we will?

if not, we’ll have to start searching again asap. So kinda want to know before we get our heart set on the property.

As you say that is the lowest rent for the area, you don’t have much choice or anything to lose by trying - apply for the property and see. Good luck!

I doubt it but if you can pay upfront then they might accept you, I had to do that when I was a single parent and sold the marital home but basically only one landlord in the whole of my search area would allow it and I paid through the nose for the pleasure.

Our application was accepted :)