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Renting Earnings Multiples

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Had a laugh today, filling in forms for a new rental and was going thru some of the notes.

They ask for proof of earnings and the guidance says they expect earnings to be at least 3 times the annual rent and the self employed should provide 3 years accounts.

If only the buying market had been so circumspect :lol:

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Had a laugh today, filling in forms for a new rental and was going thru some of the notes.

They ask for proof of earnings and the guidance says they expect earnings to be at least 3 times the annual rent and the self employed should provide 3 years accounts.

If only the buying market had been so circumspect :lol:

Everything you need to know about the absurdity of Britain's priorities.

Thanks for posting.

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Had a laugh today, filling in forms for a new rental and was going thru some of the notes.

They ask for proof of earnings and the guidance says they expect earnings to be at least 3 times the annual rent and the self employed should provide 3 years accounts.

If only the buying market had been so circumspect :lol:

Its not funny.

Its the papershufflers empire building.

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Its not funny.

Its the papershufflers empire building.

You're right and I won't be tied to the system, I'm going to move my family into an upturned yogurt pot at the end of the road.

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You're right and I won't be tied to the system, I'm going to move my family into an upturned yogurt pot at the end of the road.

The corner might be the place for the little 'uns.

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Had a laugh today, filling in forms for a new rental and was going thru some of the notes.

They ask for proof of earnings and the guidance says they expect earnings to be at least 3 times the annual rent and the self employed should provide 3 years accounts.

If only the buying market had been so circumspect :lol:

Unbelievable.

To rent ..... for even just a 6 month tenancy , you've got to prove income, pay security deposit, character references, no pets, no loud music, no smoking, no fraternising and no talking,

To buy, ......over 25 years!!................ no one cared. No proof of income, no deposit, no means of ever repaying, Lie about your income, interest only, you could be in prison, you could be dead and still get a mortgage. no restrictions whatsoever.

and still TPTB don't want to let this bubble go...

Edited by worst time buyer

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You're right and I won't be tied to the system, I'm going to move my family into an upturned yogurt pot at the end of the road.

I had trouble proving my income when I moved to my current rental nearly two years ago.

It was going to be cheaper than the rent had paid at the previous place, where I had rented for over 10 years.

funny thing was, I got the accountant to do his estimate based on my VAT returns.....had to get them emailed over on the DAY BEFORE the move ( this was a two month notice job,) so the fracking agent did it all last minute with a phone call to me saying me references didnt stack up TWO DAYS before the move.

yu know movers booked, house cleaned, phones ordered...everything..

yet these tosser agents said I couldnt prove my income...anyway, I went along to sign up having visited the accountant personally, and while in the office the accountants letter arrived....it was printed, and without a glance, the girl ( for she was very young) popped it into the file and filed it.

This was 100% paper exercise. a total waste of my, my accountants and the landlords time ( I was advised to meet him and show him bank statements....which I did and he was as baffled as I am as to why)

We are now approaching year 3 now on a rolling rent based on the original AST. The landlord avoids the agent too, asking me, when he's had a communication, whether Id deal with them or him direct......neither of us want or need to pay fees to the agent.

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Had a laugh today, filling in forms for a new rental and was going thru some of the notes.

They ask for proof of earnings and the guidance says they expect earnings to be at least 3 times the annual rent and the self employed should provide 3 years accounts.

If only the buying market had been so circumspect :lol:

Yep, even before the bubble burst. Here's from a blog entry written in August 2007:

Now we have a new phenomenon: a growing number of letting agencies are qualifying tenants by saying your annual income must be at least 30 months rent (so rent cannot be more than 40% of salary). Now a cheap rental apartment is £5-600 a month, so to qualify for anywhere you have to earn £15-18k: not a high income, but by no means low, either. If that spreads, it’ll push a lot of people who can well afford a rent into the public sector, or for those without PC-points, right out.

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Unbelievable.

To rent ..... for even just a 6 month tenancy , you've got to prove income, pay security deposit, character references, no pets, no loud music, no smoking, no fraternising and no talking,

To buy, ......over 25 years!!................ no one cared. No proof of income, no deposit, no means of ever repaying, Lie about your income, interest only, you could be in prison, you could be dead and still get a mortgage. no restrictions whatsoever.

and still TPTB don't want to let this bubble go...

Totally unbelievable but at the same time believable.......the same people that bought with no proof and a borrowed deposit are now so protective of their easy and highly leveraged gain....it is their source of income and future pension, if the capital is now not growing they need to be sure that the income is secure.....this is all beginning to look somewhat wobbly. ;)

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I wasn't asked for any income details when I moved into this house, but at our last house I had to get a letter from my accountant . Now that I'm retired, it could be a bit difficult to prove what an agent considers to be sufficient income to pay the rent, I suppose I could offer to pay a year's rent, upfront in cash, for a 5% discount.

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Checking income for mortgages makes sense to me -- savings shouldn't really be taken into account, because if your savings were sufficient, you wouldn't need the mortgage.

Enquiring after income makes less sense for renting, because many renters (on here anyway) will have piles of savings, and wouldn't need any income (in some cases for many years) in order to pay the rent.

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I wasn't asked for any income details when I moved into this house, but at our last house I had to get a letter from my accountant . Now that I'm retired, it could be a bit difficult to prove what an agent considers to be sufficient income to pay the rent, I suppose I could offer to pay a year's rent, upfront in cash, for a 5% discount.

In many areas this will immediately identify you as a front for a Vietnamese cannabis factory!

You can't win

You can't break even

You can't even quit the game

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Checking income for mortgages makes sense to me -- savings shouldn't really be taken into account, because if your savings were sufficient, you wouldn't need the mortgage.

Enquiring after income makes less sense for renting, because many renters (on here anyway) will have piles of savings, and wouldn't need any income (in some cases for many years) in order to pay the rent.

It makes sense that they should ask, but should be satisfied with either earnings or piles of savings.

I was surprised too that agents were so keen to check - I guess that if a landlord has tenants who default on the rent then they lose money, while if banks have mortgage holders who default on the payments then the bankers have the government to fall back on to safegaurd their bonuses.

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I wasn't asked for any income details when I moved into this house, but at our last house I had to get a letter from my accountant . Now that I'm retired, it could be a bit difficult to prove what an agent considers to be sufficient income to pay the rent, I suppose I could offer to pay a year's rent, upfront in cash, for a 5% discount.

That's what I did when I returned to the UK but made it a 10% discount. The letting agency still tried to get me to pay for a credit check! Still had to pay over £100 to put my signature down 8 or 10 times.

After the first year the landlord was happy to have me start paying monthly with no income or other checks whatsoever.

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We looked at moving into another rented recently.

It was detached, so we didnt have to put up with next door's screaming new born at all hours.

The agent refused to let us take the place unless we viewed it. After viewing, which was a complete waste of time due to the agent knowing absolutely nothing about the place we decided to take it.

The agent decided that we couldn't just pay the deposit and secure it - but had to fill out all the paper work including salaries etc. He would then put us up against at least one other prospective tenant and decide with the Landlord who the winner was, in some kind of Blind Date fashion.

We decided to walk away at that point on principle.

Customer service to rival Carol Beer.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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