Bank balance withheld / Financial Report has come back with lots of zeros
My tenant has supplied his bank statements but withheld his bank account balance, what does this mean and how should I proceed?
If an applicant tenant decides to hide the balance column of their bank statements from you, although you can see evidence of their rent and other bills being paid in, obviously it will raise suspicion; if everything is above-board why would they hide their balance column? If it was healthy it would provide you with further security and only help their application progress.
At the end of the day you need to verify that your applicant tenant isn’t living in a substantial overdraft and can consistently pay their rent, so the action they are taking is only going to raise concern as opposed to help them with their application. However at Tenant Referencing UK we are not here to pass judgement, we are here to provide you with the information and the advice that you should prove 100% affordability – so the final decision is entirely up to you.
The financial report has come back with lots of zeros and hasn’t linked to the address provided by my applicant tenant – what does this mean?
It could mean that your applicant tenant hasn’t changed the address on their bank statements or ever borrowed at their current address. It could also mean that you have submitted the wrong data into the system. However it could also indicate that they are not showing up on the electoral roll and therefore may have provided you with incorrect details in the first place.
If you ever have a question about your financial report(s) then please don’t hesitate to get in contact with us to explain it in more detail to you.
Have you got a tenant referencing question?
Then simply email firstname.lastname@example.org and it may feature here, helping other landlords and letting agents with the same query in the future.
Not an LRS member? Click here to join now and gain exclusive access to the only real-time referencing database in the UK, alongside 25,000+ fellow landlords.