Gmarno

Okay, just thought I'd bring this thread to a close. I've just had a call from the letting agency saying that my bank reference came back fine. I would guess they looked at my savings and thought that I've got a good safety net even if I don't make a penny next year. I'm going to see if I can get a copy for my own interest, but the lady at the agency said the banks say one of three things. 1) Good for that amount - Basically, you're fine to pay the rent. 2) Unsure for that amount - They're not convinced that you can pay that amount of rent based on your account activity 3) No comment - In other words there's little chance of you being able to afford the rent. I still don't really know what criteria would really trigger a poor report. I suspect constantly being overdrawn, having lots of debt etc would count against you. Then again, these are the banks who were dishing out 125% mortgages so I have very little faith in their ability to judge peoples finances.

Thanks for the replies I'll just wait around and see what happens. It would be a shame to lose this house as I've been looking for months and it ticks pretty much every single box for me. Saying that, I'm not going to bend over any further for the letting agents so we'll see what happens. Apparently the bank references can take a couple of weeks to come in, and over Xmas isn't going to make it go any quicker. I'll be interested to see what the reference actually says. I couldn't have a better banking record, and I fail to see how they can realistically judge what I can/can't afford considering the utter mess they made of the housing market. Of course the agency have said if I want to take in 3 months of bank statements for both me and my guarantors they'll make their decision there and then. Erm, I don't think so quite frankly, I'll just wait for the bank references. I'm not going to justify my recent purchases to someone in a letting agency. I wouldn't mind, but I've offered 3 months rent up front, have a guarantor, I've shown them proof of savings and have provided excellent references from clients etc.

Hi All, I've just filled out an application to rent a house. However, the agency are doing a bank reference on me. What exactly does a bank reference say? Does it give their opinion on whether I have the money to pay the rent? My issue is that I've never been the most conventional with my banking. I'm self employed, so my earnings aren't always regular, and I tend to pay myself in large chunks a few times a year from my business account rather than every month. This means that some months I have nothing coming in and money going out. I've tried to pay myself regularly for the past couple of months, but it's that time of year when all my annual bills come in at once so my account activity looks a little stretched (car insurance, bike insurance, road tax, MOT etc). I've never in my life used an overdraft, I'm debt free, I have £30k of savings and apparently I have an excellent credit score/record. I have the money to pay the rent no problem, I'm just a little worried some moron at the bank is going to look at 3 months of statements and tell the agency I can't afford the rent. Anyone have any experience of bank references?

Yep, I'm seeing something like this in the Bournemouth/Christchurch area. I went to see a house the other day, said I wanted to apply and the agent told me no problem. Turns out, he's got 4 people interested and has sent the landlord a letter outlining our details/situations. The landlord is going to pick the one he wants from there I'm basically screwed being 30, single and self employed wanting a 2/3 bed detached house. I seriously doubt I'll get a look in at this property. I think the record is 3 hours from going on RightMove to being let. The worst thing is the letting agencies know they don't have to work at letting anything out. I've registered with a lot of local agencies and have never had a call from any of them in 3 months. They just put the property of Right Move and it goes. No hassle actually doing anything other than a short viewing. I wouldn't mind but they're all incompetent dimwits who are just a waste of good skin.

Well, I've finally had enough of the UK and I'm off to Canada in April for a 6 month trip. Gonna start in Montreal and just work my way west and see which city/town takes my fancy. I run my own web business in the UK so thankfully I can keep some money coming in until I settle somewhere. I'm still under 30 so if I like it over there after 6 months I can get a 1 year work visa and after that I'll see where life takes me. I know it won't be perfect but hopefully it will suit my lifestyle more than the UK. I spent 3 months in NZ with my brother (who lives there) this year and whilst I might spend a year or two there, I don't think I could live there for the rest of my life. Don't get me wrong, the scenery is stunning, the people are mostly friendly and it's definitely a more sedate pace of life. However, it's a LOOOOOONNNNGGGG way from anywhere, food is expensive (even when you make everything yourself) and the standard of housing out there is awful. Most places don't have central heating/double glazing which makes winters really fun. Sitting in the kitchen with mist coming out your mouth while you drink your tea is no fun I can tell you. Saying that, there are a LOT of positives to NZ but my advice would be to spend at least 3 months there to get the real picture. It's only after a couple months that the cracks start to show.