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Renting as self employed

kentaddickkentaddick
in Not Sports Related
Looking to move in with my long term girlfriend in the next couple of months. I'm self employed and by its very nature my income can fluctuate. I work freelance for a company in crystal palace pretty regularly and do my own other stuff as well. Been ringing up estate agents and they've been asking if I've got 2 years of accounting from an accountant. But since I'm only freelance I do my own accounts and it's only the last few months I've really been earning a decent amount. I've been saving for years to have a couple or three months worth of rent as well as enough for a deposit but tbh id be a bit unhappy handing all that over immediately. I can provide guarantors - so would this be enough?

Me and my girlfriend currently live with my parents relatively rent free but I rented without issues when I was at uni so I'm guessing if anyone asks for referencehs (I don't know how to get those) then it should come up fine (I was told both times by those landlords they'd give me a great reference).

Just wondering if anyone else is young self employed and rents in London? Or if there are private landlords or estate agents that could put my mind at ease on what I'd need?

Comments

  • mrblighmrbligh
    a guarantor will be all you need. won't be a drama at all
  • mrblighmrbligh
    been self employed for last 6 years
  • WilmaWilma
    Not self employed but did have issues when I sold my house and started renting. As Mrbligh says above, you'll need someone to act as guarantor and all should be okay.
  • kentaddickkentaddick
    Sounds great, that's allayed some fears so thanks!
  • sam3110sam3110
    Depends on who you go with, usually the bigger places like L&Q etc ask you to have 30x the monthly rent as income, and if you have lower than that they will rely on savings and a guarantor.
  • C.Walsh'sLoveChildC.Walsh'sLoveChild
    MrBligh is correct.
    Worst case scenario is a guarantor.
    I have just completed 12 years of renting with 6 of that being self employed.
    You will be fine
  • TeslaGirlTeslaGirl
    What the landlord wants is someone who pays the rent on time, and doesn't wreck the place. A good landlord (who in return for the above, will carry out repairs, ensure the property is safe and that your deposit is secure etc) will expect some sort of check on these.

    Estate agents will send your details off to a credit reference agency who will make these checks and for which you will (usually) need to pay. Having a guarantor should be sufficient for you to pass those checks.

    You can of course also get properties privately (agents charge landlords a months' rent plus VAT, or more, and some landlords don't want to pay that) and places like Gumtree enable you to both look for properties and advertise yourself to landlords. Just as there are a few rogue landlords, there are a few rogue tenants, both of which mean each party starts off a bit suspicious of the other.

    Most landlords will give you 6 months for the initial tenancy, so both parties can check how they get on. Ensure you see the electrical and gas safety certificates, the government's 'how to rent' booklet, confirmation that the deposit is going into an approved scheme etc. So you need to find not only a property that you like, but a Landlord you can trust. A guarantor should give the landlord sufficient confidence to trust you.
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