Renting with agency - advice on income checks please

[Iwanttobreakfree]

I am recently single. I need to move out of the marital home. I have seen a place I want to rent for £900 pm. That is cheap in my area! Its on with an agency. Im a self employed childminder, and next week my income will go down to £44 per week! Thats for 10.5 hours. So I qualify for Income support etc.

I was hoping to have a FT job offer today but it has not come through and I think they must have offered to someone else.

My question is about the checks letting agents run on your income etc. I have no outstanding debts....yet! I am self employed. I presume they will ask my income. What do I tell the? Do I include IS and tax credits and maintenance and not tell them where money comes from? How does it work? Will I pass their checks and be able to rent?

Help

Any further info needed can be supplied.

Have you got tax returns/accounts for past few years - they will probably want to see those and some bank statements as you are self-employed. If you really want this flat and you think you can afford it, I would be tempted to keep quiet about IS, tax credits.

I was shocked at the checks they do. I actually needed more to rent a home than I did to buy a home.

Basically I'd been paying my mortgage for the previous 2 years, could prove that I'd never been late on a payment etc etc, but tried to rent a property with a lower rent, and they said I didn't earn enough, so therefore wouldn't be able to afford hte rent.

In the end I had to get a place on HB as I lost my job, so my dad had to be guarantor, but even then I had to blag it as they said he didn't earn enough to be guarantor!

No official accounts through an accountant! But my own records and tax returns.

I really really want this little house. it is right opposite DS future nursery and 60secs from DDs new school And property does NOT come up for rent there...ever!

Oh bollock! I will have to get a job then as minding wage is not going to be enough.

Either that or a friend is thinking of going back to work and I was hoping to get her DD for minding. That would bump up my wage a lot - still prolly not enough for renting tho

haha, just the one bollock!

You would need to check and make sure that the landlord would be happy with your childminding from the house though. They would be within their rights to say no.

Under the terms of my buildings insurance and mortgage I am not allowed tenants on HB; nor are the tenants allowed to carry on a business from the premises, so you will need to check very carefully if you are allowed to childmind there.

Do you have a friend who earns £30k or more who might act as a guarantor for you?

I've found in London if you're under 30 and earn under £25k or so, almost every agent demands a guarantor - I've both needed them and now have been one for quite a few friends (and never had to pay anything, fortunately - they were earning enough to pay rent, just couldn't convince the agents...)

the way they calculate whether you can afford the rent is your yearly gross salary divided by 35. This is the amount they calculate you can afford per month.

Can you put 6 months money up front? I've been in this situation before when I've been in and out of work (with baby!) and it seems the only way round it. You could put it the agency that the Landlord will receive the interest on this, therefore making you the most attractive tenant.

I would not mention to them about any benefits. Simply say that you are self employed and can put the 6 months upfront or provide a guarantor in the absence of accounts.