Bank Statements for Renting

General Chat
1

So I’m going through the (sarcasm alert) lovely process of looking for somewhere to rent, and I’ve noticed a difference in quite a few agents/property developers in that they are now asking for bank statements rather than payslips.

Is this a newish development? I haven’t really done this for years, but previously I’ve had to supply payslips to show my income, plus the usual reference checks/credit checks etc.

I’m a bit funny about showing my entire bank statement out - not that I do anything dodgy, but it feels incredibly personal - when really if I both me and my partner are earning collectively 65x the rental amount we are perfectly able to afford it.

Just curious what is the norm now…

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It seems OTT to me. But maybe they are worried about you having extra debt and no actual affordability?

And 65x the rent! Super cheap rent or mega ballers!

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I think it allows them to prove your payslips are real. If you’re from the uk a late trend is people lying about their income so they get the property and when they’re inside it they don’t pay, swat around and even sometimes change their name by depoll and move away leaving it hard to be found.

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See wouldn’t that show in a credit check?

I’m almost tempted to ask if I can show payslips instead.

Well it’s two people looking for a one bedroom apartment so it’s not too extravagant! Most places want 30x the rental price, and there’s two of us.

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The last landlord I used went through my HR department, so it was verified as real.

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6

You’d have thought so, just seems a way for them to have more details than they need.

Ahh, so it’s annual salary is that multiple of the monthly? I thought you meant you earnt 65x the monthly rental cost a month! (or a typo)

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Last time I did this was Autumn 2018, and so I’m not 100%, but looking at my emails I think I only showed them my employment contract, and maybe payslips. Fairly certain no bank statements, which I would also view as a bit much.

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8

Oh Lord no. It’s just the standard phrasing used to mean you earn 30x the rental price over the year.

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The last time I was asked for this stuff I think I only showed the page of my bank statement with my income line on, and redacted everything else.

Didn’t seem to cause any problems, as I agree it’s a bit of an overreach.

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That’s not a bad idea, I might do that

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12

Maybe make a few choice transactions to strategically keep in view also!

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And redact my Pret visits.

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14

If that’s enough to satisfy them, it’s a mystery why they don’t just allow you to show your wage slip.

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To be honest it’s just insanely stressful.

Everything requires money, and then not even guaranteed you’ll pass any checks etc. One of us has 900+ Experian credit score, the other has much lower. One of us earns more than the other. One is a UK national, the other is Irish. Do they credit check us both? Should the higher credit score be the lead tenant?

I just wish it were as simple as booking a hotel room haha.

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16

I echo you :speaker::sound::loud_sound:

I usually go funny too if there’s no very serious reason for me to deliver 3/6 months bank statements :scroll:

It’s not other people business how much or low I spend in Waitrose or Lidl :shopping_cart:
It’s another reason why my income goes to my bill paying account and spending account are separated :relieved:

Fully understand that, but not all organisations do really need them. I assume some just asking for it as its employee being nosey about my income/outcome :thinking::smiling_imp: