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I am half way through an IVA can I rent through an agency?

I have now learnt from my financial mistakes and am now in receipt of a good salary and my employment is safe. Due to a change in my personal circumstances I need to move soon. I have never defaulted on rent payments. As I now have poor credit will it be impossible for me to rent through a letting agency?

Asked on Feb 6 2011, Home Finance in Eastleigh | Report content

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  • It will not be impossible, however, when conducting a credit reference IVA's are something that are looked for and do have a negative impact on the overall application score. A way to overcome this would be to apply with a guarantor. Typically guarantors need to earn at least 3x the annual rent, have a clean credit history, and be a UK resident. If you cannot apply with a guarantor then you may need to pay six months in advance. I must stress that all agents may well have different criteria, and your first port of call should be to contact local agents and discuss your situation with them.

    Answered on Feb 7 2011, Report content
  • Agree with the answer above, however most importantly, a guarantor would need to be a UK home owner. It may be dependant on the agency, as they may allow you to pay on a monthly basis, depending on the magnitude of the IVA, how long ago it was, and the stability of your current employment can also play a big role. You could also pay 6 months upfront, which is sometimes hard to do, therefore your best option may be to find a UK guarantor

    Answered on Feb 7 2011, Report content

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