Referencing Criteria and Guidance
Credit Scoring
Must reach 550 (Equifax).
Affordability
2.5 times yearly rent for applicant or 3.0 time for a guarantor.
Rental History
If the applicant is currently living in rented property a satisfactory landlord reference must be obtained.
Employed
Employment must be permanent and ongoing and for at least the duration of the tenancy. Zero hours contracts or temporary contracts are not acceptable.
Only basic salary will be taken into consideration. If commission needs to be looked at the applicant must provide 12 month’s payslips and an average will be calculated.
Employment reference must be given in writing on headed paper or company email (so for example a reference from a @hotmail.co.uk address will not be valid). A verbal reference maybe accepted provided it is from a registered phone number for the business.
Self Employed
Must provide a minimum of 3 consecutive months’ personal bank statements in full (not edited or just cover pages and not business accounts). Income will be assessed based on an average of what has been paid in over those three months. If there is an accountant, a reference from the accountant will also be obtained. If the applicant completes a yearly self-assessment return to HMRC, the last two years assessments may also be requested.