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Topic starter
06/03/2011 1:03 am
Hi guys,
I am looking to move in with my girlfriend after just over a year on my TD. We went to see a flat which we can totally afford if we go 50/50 on all rent and bills - its ideal.
We are calling the letting agency on Monday to say we would like to take the flat. I am worried about the credit reference checks they will do. Here is what I have decided to do to make sure the agency and the landlord they represent will take me on the lease:
- I have decided to be honest and up front about the circumstances of how I ended up in a TD (relationship breakdown where I was the only name on all credit so she just walked away)
- I have a reference from a previous landlord which is very good, states that I always paid on time and was a respectful tenant.
- My GF's mum is the only person other that my GF that knows I am in a TD, and she has a agreed to be a guarantor if that's needed. Shes great!
- I have collated a list of my current outgoings, and put alongside it what would be 50% of the rent, and its shows I can afford it even with all outgoings.
- We have worked out our income is around 3.5x the rent, and we have our payslips to prove this.
Some please help me [:(] I am so worried that my history will stop my girlfriend getting her dream home. She has always stood by me since I told her where I was with my debt, and she encouraged me to seek debt advice. I don't want to let her down...
Anyone been there before and came out the other end? Any professionals who have experience this with one of their clients?
I can't sleep hence this late post!
06/03/2011 1:15 am
I hope it works out for you.
Could your GF just rent it in her name?
I don't know how practical that is but it was the first thing that sprang to mind.
Cheers,
DFW
Topic starter
06/03/2011 1:22 am
Not really, her income is only around 1.5x the rent. I make up the rest. From reading around - apparently agencies will only entertain someone who meets around 2.5x at least of the rent with their income.
We did think about that too.
Thanks for your reply! And I read your story, made me smile!
06/03/2011 1:26 am
Oh I didn't realised that they looked at your income when you're renting.
Years ago when we considered renting they wouldn't do credit checks if you could pay a year in advance. Could your GF's mother pay that then you pay her back monthly?
Cheers,
DFW
Topic starter
06/03/2011 1:31 am
That's another thing we did consider - however they are in the process of moving home and are using a lot of their savings to do this. I couldn't ask her to do that...
I do feel I have done everything I can to prove to them I am capable of paying.
It will actually mean I will increase payments to my TD because I will save 50% on all household bills when I move in with my GF.
If they do not accept me I will be really disappointed that people are so narrow minded to realise that someone's history isn't their future. Since being on a TD I have become so aware of budgeting and what I spend.
Credit checks don't tell you everything about the person!
06/03/2011 12:15 pm
Hi ScotsLad.
There's no general answer to this, it's going to come down to the individual that owns the property.
If I were a landlord and a prospective tenant had openly volunteered the information about the trust deed to my agent in advance, had enough income to pay the rent, could produce a reference saying that they are good payers of rent, and had a guarantor ready in the wings, I know what decision I'd make.
I'd expect that everything will be fine, but if for any reason it isn't I doubt you'll have any issue with other landlords who also own ideal properties for you to live in.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
06/03/2011 12:23 pm
Thanks for your reply!
What I find, especially reading around on here is that we have all changed - we may have found ourselves in a TD down to individual circumstance, or being naive when it comes to budgeting (I was a mix of both).
But by entering a TD we have taken responsibility to pay what we can and we are all budgeting madly behind the scenes to make sure we meet our payments.
If anything, we are MORE reliable payers!
Will check back with a note of what happens so others can learn from my experience.
07/03/2011 10:41 pm
Any news ScotsLad?
Cheers,
DFW
Topic starter
07/03/2011 11:06 pm
Well we have been honest and up front and we are going to pick up the forms and pay the costs for reference and credit checks tomorrow.
We will see how it goes this week and I will report back I promise! 🙂
