Whether you’re new to the rental world or a seasoned tenant, you’ll have to prove your reliability to every landlord. This typically starts as soon as you complete a free rental application form. In this article, we examine the documents and assurances that should convince landlords you’ll be a reliable renter.
Prepare for a Credit Check
The first step most landlords take while screening is to ask applicants for a full credit check. This includes your credit score, a measure of your credit health out of 999 points. The lower this is, the less secure a landlord will be in your ability to pay rent.
Raising your credit score takes some time, but is definitely doable. For example, you could open new accounts in your name or catch up on due credit payments. Not everyone is in a position to do this, but financial stability is key for proving your reliability.
If you have no credit history, this doesn’t necessarily work against you. In most cases, you could simply prove your financial health in other ways. However, with no experience of accruing debts and paying them off, some landlords will still be unsure about you.
Show Proof of Income
Regardless of your credit score, you’ll likely have to show bank statements, or payslips, proving you have regular income. You might even use a contract or employment letter. This is especially useful if you have yet to start your current job or receive your first payment.
You can strike out most transactions in your bank statement if you’re concerned about privacy. It must clearly show all sources of income, however. A company account is also acceptable. Most landlords will only take statements from the past few months to prove current employment.
If you’re self-employed, show the owner your self-assessment tax returns. You will have to prove that your enterprise is stable enough to handle consistent rent payments. Showing your savings also shows you can keep up with the fees during a dry spell, self-employed or otherwise.
Prove Consistent Rent Payments
If you have experience renting, provide the landlord with receipts of any previous rent payments, or show them in your bank statement. The more information you give, the more consistent you’ll appear. Anything that proves you can keep up with the rent will work in your favour.
Landlords ask for these details because prior renting experience shows you understand what to expect. It also lets them easily highlight late payments from previous tenancies. If this happens, you can simply explain your situation and make it clear that you can pay regularly.
When it’s your first time renting, most landlords will not hold this against you. Some might prefer a tenant who is more familiar with the renter-landlord dynamic, however. Similar to a credit check, you can make up for this by providing other vital documents.
Getting a Guarantor
A new tenancy poses major risks for everyone involved, including the landlord. Some will ask you to name a guarantor in case you suddenly cannot pay the rent. A guarantor is somebody (typically a family member) who pays rent on your behalf when necessary.
Generally, they are only liable for unpaid rent, but may have to pay damages too if these occur. In this arrangement, you’ll need to provide proof of your guarantor’s identity, address, and credit history. They then sign a guarantor form, which the landlord will provide.
Parents, other family members, and even close friends can serve as your guarantor. However, if you don’t have somebody who could help you, there are professional guarantor services. These will sign the form on your behalf in exchange for a regular (usually monthly) fee.
Provide References
Tenant references are mainly for showing your character, but can highlight your financial history as well. These can come from previous landlords, employers, your family, or even just someone who knows you well. If the landlord can trust you, they will likely overlook poor credit scores.
These statements can also serve as proof of income and your ability to pay rent. Even without a history of renting, good character references can show if you’re dependable. You can either ask them to write a statement or give their contact details to the landlord.
If you choose the latter, you should still let them know that you are using them as a reference. In either scenario, you can ask them to highlight your reliability or financial stability. If you decide to ask for a statement, include this in your rental application.
Conclusion
The first step to a long-lasting tenancy is proving that you’re able to make every payment on time. By making sure all your documents are valid, you can stand out as a model renter. On top of this, a rental application template will guide you through every requirement.
