October, 2018
Affordability Criteria When Renting A Property
If you are interested in one of our rental properties, please ensure you will pass the affordability criteria.
Your income/joint income needs to be enough to cover the rent.
Our referencing provider will multiply the yearly rent by 2.5 to work out what your minimum income/joint income (before tax and National Insurance deductions) should be.
For example:
Rent £300 per month you will need income/joint income of £9,000 per year
Rent £400 per month you will need income/joint income of £12,000 per year
Rent £500 per month you will need income/joint income of £15,000 per year
Rent £600 per month you will need income/joint income of £18,000 per year
Rent £700 per month you will need income/joint income of £21,000 per year
Credit Check
A credit check will be carried out on every person over 18 years moving into the property. This will be mainly for checking if you have any bad debts.
If you have had a County Court Judgement/bad debt or bankruptcy in the last six years, please be sure to declare it before you pay your holding deposit, as this could cause you to fail the referencing process.
Guarantor
If you cannot pass the referencing criteria, you may be asked to provide a guarantor (if this is acceptable to the Landlord). For example:
On a zero hour or part time employment contract
Claiming housing benefit/universal credit (You will need a guarantor regardless of income)
Bad debt on credit record
No address in the U.K. for the past 6 years
Self-employed or a Director and cannot provide suitable accounts or an accountant’s reference
Guarantor Requirements
U.K. homeowner with an income of three times the yearly rent (gross income), or savings in an account amounting to three times the yearly rental income
A working guarantor with an income of three and a half times the yearly rent (gross income)
The guarantor will be fully referenced as if they are a prospective contract holder.
The guarantor will be signing an agreement that commits them to the terms of the occupation contract. This would commit them to cover all the obligations stated in the occupation contract, such as paying rent arrears and any damage caused to the property.
The guarantor is liable for all contract holders in the property (joint and severally liable).
Swift have been exceptionally helpful and professional throughout the process especially Gary Davies who has kept us fully informed throughout the whole process. Gary goes the extra mile and even answered our queries whilst on holiday rather than keep us waiting.. would highly recommend Swift!!!
The Tonkins
The team were brilliant, swift, diligent and empathetic. The team were able to deal with a myriad of different requests efficiently. I highly recommend them.
Will
The sale of my house was dependent on the purchase I was completing with Swift Sales. Gary was very helpful through the whole process and the sellers English wasn't very good. every question I asked Gary he would advise he will get back to me by the end of the day and he never failed to deliver...
Dom
Hi Wanted to leave a review and show appreciation. Recently sold our house and were looking for a rental in very short notice. At the time it was a really stressful period as we were weeks away from completing. Ben provided a professional service that made the process really straightforward...
EmmJam104
Gary was very helpful throughout. From our first viewing through to the exchange of contracts. Nothing was too much hassle for him, and maintained regular contact providing timely updates.
Iwan
I had a specific Tenant in mind and the Team did everything to find Her. Always friendly and helpful, am waiting now for the Tenancy to begin and feel sure that the Team will continue Their good work.
Susan Pill
Our purchase took quite a long time due to various things beyond anyone's control! Gary was communicative and helpful throughout the whole process. I would be happy to buy (or sell) through them again :-)
KK
Couldn't be happier or more pleased with the service we received from swift and our estate agent Gary Davis. Always so courteous and efficient within his role and made the whole process for us enjoyable. Highly recommend their services.
Mr Jones
The team were brilliant, swift, diligent and empathetic. The team were able to deal with a myriad of different requests efficiently. I highly recommend them.
Will
I have used Swift Relocations for many years. I have found their staff to be professional, courteous, helpful & fair. They have helped me comply with new landlord regulations and grow my business, providing an excellent service.
EH
