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First time renting and newly self employed

I am looking to rent for the first time in Leicester. I am leaving work and I have been self employed with a side business for 2 years which I intend to make full time. My initial profit was low but its picking up. What do I need to show when I start the process? I will finish work when I move so I will have some wage slips. London is too expensive and congested.

Asked on May 21 2013, Renting in Leicester | Report content

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  • Should you rent through an agent that uses a third party independent reference agency usually they would look for the following: You would have to have been self employed for a minimum of 2 years To confirm income they would request one of the following: SA302 forms for the last 2 years SA100 forms for the last 2 yeas Accountants reference confirming average income per annum for last two years Then you would need to be assessed as to whether or not you could actually afford the rent. The rent to income ratio that referencing agencies usually work to is 2.5 I hope the above helps.

    Answered on May 22 2013, Report content
  • Hi Henbar, If you are going to be leaving your job to be self employed, then you may indeed come across some of the issues mentioned in the answer above, but there is no need to worry if you do not meet the criteria for a credit check. While most agents will require proof of a permanent employment and consistent level of income, there will be those who are more lax with such issues, and as such you can negotiate and explain your situation. Some things to consider would include, for example, offering them a guarantor's note, which means someone is always responsible legally for your rent if you cannot pay, giving the agent peace of mind. You might also want to offer a number of months' worth of payment up front as a way of securing a tenancy if possible. Many thanks, Scott

    Answered on May 30 2013, Report content

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