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In 2010 I separated (am now divorced) from my husband. My family helped me keep my house of which my ex husband has no claim. However I was left in a situation of debt. I continued to live in the house as I had two children and I wanted them to remain in the family home.
Next Month my son turns 18 and my daughter is 23 and I am finally in a position to move on. I have sold my house with 62k of equity. My intentions being to rent (never done this before) been a home owner since 1990. The equity will make me debt free and have a nice lump sum in the bank. I know that my credit isn’t great, however intend to pay 6 months rent up front.
I know that I will be a good tenant and look after the property as it will be my home.
I have no CCJs, currently my credit file shows 1 default and another account with a missed payment.
I am getting mixed messages from letting agents, some saying I will be refused point blank, others saying that if my solicitor provides evidence of the equity it should be okay.
As a landlord would I be someone you consider. I have an annual income of 22k and my daughter an annual income of 14k. Once the house goes through I will owe nothing to anyone.
I would really appreciate some honest feedback good and bad and advice on how I can approach this situation. As if I cannot rent I cannot sell and am trapped in a situation which I want to get out of.
Frustrated is currently how I feel.
Thanks in Advance
Good morning Paula,
Thank you for joining us on the forum. It sounds like you could potentially be in quite a strong position with 2 sets of earnings and some savings.
There are free services online to check your credit score, careful as some charge for their services but there is a free Experian and Equifax provider, a web search should find them for you.
The industry average is a 30x multiplier to work out a rental amount you could apply for, we offer a rent calculator here:
simply enter you and your daughters joint income and it will show what rental amount to aim for.
Hope this is useful.
Thank you for this. The problem is my current credit score is poor. I know that already, will this be over looked if I explain my circumstances. Am quick upfront about my situation, I am not ashamed of it just want to get on with my life.
Many landlords and agents are looking for good tenants, as you have said offering 6 months up front may be a good incentive for some landlords or agents or you may be able to offer a larger deposit.
Credit scores can recover over time, the best thing is as you have identified to be honest about your position as it is better to start a new tenancy this way than to identify things through the referencing process or afterwards that jepodises the tenant – landlord relationship.
There is a product on the Market known as the ARK Passport they may offer a future landlord additional security. Through applying for an online account know as the Change account and getting your wages paid into this location it helps partition part of your income for your rent. This allows the landlord to take out an insurance policy to help protect them and offer additional security.
The change account has a small monthly charge however if used for everyday shopping at stores such as ASDA you gain cashback on your shopping which can cover the monthly charge.
Details can be found here:
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