Any prospective applicant for Town Rentals will be thoroughly referenced. Referencing includes a credit check, Right to Rent check, proof of residency, a landlord reference and employment checks.
In order to qualify for the referencing process, Town Rentals work to an income to rent ratio and would ask that within contracted hours, the gross basic income is 30 x the rental figure. For example, with a rental figure of £600pcm, tenants would need to have a salary of £18,000. (600 x 30 = 18000.)
If there are two or more tenants in a property, this figure can be shared between them. The income to rent ratio produces a realistic figure to ensure the household income is enough to cover living costs for the property.
- Gross basic income is your income before tax, not including any bonuses, commission, allowances etc.
- If you are self-employed the income would have to be verified by your last tax return.
- If you are on a temporary/’bank’/zero-hour work contract, this is not ‘contracted hours’ and
- cannot be accounted for within the earnings we can calculate.
- Your contract length must be permanent and exceed the initial tenancy term for your application to be approved.
If you fall below the rent ratio figure, 6 months’ rent/a guarantor will need to be put in place and possibly referenced (at the landlord’s request) to be able to proceed with the property. If It comes to light that your earnings are not sufficient, when you have confirmed they will be, it is at the landlord’s discretion as to whether they would still be happy to proceed.
You must declare any adverse credit history including defaults, late payments, payment arrangements, IVA’s, CCJ’s and/or bankruptcy, failure to do so could result in your application being declined. If It comes to light that you do have any adverse credit, when you have confirmed there won’t be, it is at the landlord’s discretion as to whether they would still be happy to proceed with a guarantor or 6 months rent upfront.
Your application forms are sent to you via email. Once submitted the application form is sent to our professional referencing company who will grade your references accordingly. Town Rentals have the right to refuse applicants as tenants at any point.
ID will also need to be obtained and we will advise you as to what we will require upon completion of this paperwork in accordance with the Immigration Act 2016. You must sign this paperwork on the basis that you have an indefinite right to be in the UK or you’re aware your visa is valid for the duration of the tenancy term, otherwise your application will not be approved. More information can be found here https://www.gov.uk/check-tenant-right-to-rent-documents.