Whittie
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Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
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What checks are done if you go through an estate agent when you rent?
What do they look for?
How does it work when you're renting with a partner, does the money come from one bank or two?
How quickly can you move in when you're renting?
Thanks
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Conway563
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Registered: 7th Jun 06
Location: Yate, Bristol
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Credit and reference checks
The rent used to just come out of a joint account when I was renting so don't know
We could have moved in 2 weeks but waited for 6 to get the months rent in advance sorted
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Whittie
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Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
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What kind of credit / reference checks do they do?
Is there a way of seeing if you'd get accepted before you go ahead with renting? What kind of reasons would they decline you for?
Thanks for any help 
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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You can get a copy of your credit rating via companies like experian.co.uk, that'll give you an idea if you have good/bad rating and if you'll be accepted to rent.
You could probably get it coming out of 2 accounts, but you'd be better just setting up a joint account and each putting half of the rent in each month. Can do the same with money for bills, etc. too.
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danielleG
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Registered: 25th Jun 07
Location: essex
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On the house i rent out, i have a credit check done by maras, they make sure that the person has enough income to cover the rent for the term of the lease. If they don't, then they have to provide guarantors who are liable if anything goes wrong (and the guarantors have to earn more than 30k a year to be accepted.) maras also check bank accounts and with employers to make sure you are earning what you say you are, they also get references from previous landlords.
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Kathryn W
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Registered: 12th Oct 03
Location: Widnes, Cheshire
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They basically see if you have any serious debts, or debts that you havn't been paying back etc...
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Whittie
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Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
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So if there's no debt everything should be good..
My outgoings are stupid (no overdraft, or debt though) im shit at saving, and need to learn to.
Would I be able to say that some of my outgoings could be rent to my parents 
Like... £100 cash withdrawn etc, or do they not look at outgoings?
Thanks for replies
[Edited on 22-05-2008 by Whittie]
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Tim
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Registered: 21st Apr 00
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You can pay rent from two separate bank accounts (I used to do it when I first moved to London).
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Whittie
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Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
User status: Offline
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Fair enough.
Any ideas if they look at outgoings / income balance?
Are they quite happy to 'Pass' your credit check as long as you dont go into the red every month?
I'll probably go to an estate agent and ask more tomorrow, but just want some idea, so I can at least know what im talking about 
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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A credit check would probably show up some of your out goings, and I expect they'll want proof of your income, so you might not be able to get round it.
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Whittie
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Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
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I'm not in debt, and don't even have an overdraft set up (I know i'd go into it).
£350 a month comes out on direct debit. And also whatever my phone bill is, which is usually very very high  .
As long as i prove income, i'd be ok?
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Tommy L
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Registered: 21st Aug 06
Location: Northampton Drives: Audi wagon
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They will look at your salary and use that as your income (obviously), but If you do lots of overtime, it doesn't matter as they don't look at that as its not a stable/fixed income iirc
Doubt they would look at your outgoing spending  But i would have thought they would look at your balance and see if you go overdrawn regularly or permanently stay in the red.
But i couldn't say for definate. I'm assuming you have a good credit rating and haven't ran yourself into debt or bad financial situations?
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Whittie
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Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
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quote:
Originally posted by corsa_tomtom
They will look at your salary and use that as your income (obviously), but If you do lots of overtime, it doesn't matter as they don't look at that as its not a stable/fixed income iirc
Doubt they would look at your outgoing spending But i would have thought they would look at your balance and see if you go overdrawn regularly or permanently stay in the red.
But i couldn't say for definate. I'm assuming you have a good credit rating and haven't ran yourself into debt or bad financial situations?
Nope, no bad debts, well none at all. I havnt done overtime for a few months, so there's a fixed figure there, before then the pay was always above this figure. It's stable at the fact I don't go withdrawn, but the last few months i've made some big purchases. Camera, car, insurance, wheels etc etc. I'm just worried that they'll look at my spendings and see that i'm not left with the rent value each month? Which is £600odd, or £300 if it's accross 2 accounts.
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notts.pirate
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Registered: 19th Feb 08
Location: east mids
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ive never had a credit check done on me, they just want a reference from my old landlord (to make sure i paid my rent on time) and one from my work to say i was in full time employment
i had to pay my first months rent and the bond which is one months rent + 100notes
you can normally move in once you pay your money
only problem we had with moving into this place was paying the fees for the checks, it was 80 +VAT but then we also got stung for another 80 + VAT for drawing up the contracts - we wanted the house tho so had to pay it
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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They wont check spending on single items, its DD that they'll be able to have info on (as paying them increases your credit rating, missing payments will decrease it).
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Whittie
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Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
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Never missed a payment on a dd So i should be fine?
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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Yeah shouldnt have too many problems. You ever had a CC?
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Whittie
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Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
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Never had one mate
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Whittie
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Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
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http://www.rightmove.co.uk/viewdetails-20620802.rsp?pa_n=1&tr_t=rent
http://www.rightmove.co.uk/viewdetails-16774825.rsp?pa_n=2&tr_t=rent
Been looking at these two 
Second one is ideal, it's allocated carparking is Under the building 'ground floor'
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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quote:
Originally posted by Whittie
Never had one mate
Sometimes its best to have one, spend a small amount each month and pay it off - as that will increase your credit rating.
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Colin
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Registered: 4th Apr 02
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Alot of money a month to be paying off someone elses mortgage. If its what you want to do tho I much prefer the 1st one!!
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Whittie
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Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
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quote:
Originally posted by Colin
Alot of money a month to be paying off someone elses mortgage. If its what you want to do tho I much prefer the 1st one!!
I'm really not in a position to save 15 grand at the moment to get a deposit for a mortgage
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Twiggy
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Registered: 15th Oct 04
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quote:
Originally posted by Whittie
quote:
Originally posted by Colin
Alot of money a month to be paying off someone elses mortgage. If its what you want to do tho I much prefer the 1st one!!
I'm really not in a position to save 15 grand at the moment to get a deposit for a mortgage
same here.... have the mortgage payment cover'd - same as rent, just not the 15-20k deposit needed
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Tommy L
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Registered: 21st Aug 06
Location: Northampton Drives: Audi wagon
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Doing this you certainly won't save money for a mortgage. Wouldn't it be worth staying at home for a few more years and start saving? I would bet you don't pay anywhere near that and have all your food etc done for you?
Put whatever you would be spending a month, if you moved out, into an ISA account. In a few years you will have nearer 15k.
IMO renting isn't the way forward.
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Colin
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Registered: 4th Apr 02
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^^What she said 
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