Landlords need to know that a prospective tenant wishing to rent their property is likely to pay the rent on time, look after the property and conduct themselves appropriately during the tenancy and at the end.
With increased occurrences of habitual fraudsters, identity theft and other potential criminal activities; Tenant referencing helps to ensure Landlords are safe guarded against potential risk.
At iConn we use an independent third party for all our referencing requirements. The referencing procedure is not just a credit check; it's an expert and impartial verification of the suitability of a tenant wishing to rent a property.
The referencing checks the authenticity of the identity of the tenant and the risk score from a fraud perspective.
In order to pass the referencing process you need to earn 30 times the monthly rent per annum. We work this out by taking the monthly rent and multiplying it by 30. For example, if the rent is £650 PCM, you need to earn a minimum of £19,500.00 per annum. (Please use our calculator below to find out your affordability) This figure can be reached through one salary or two if required (if more than one tenant is proposing to rent the same property) If either an individual or a couple (or a group of sharers) cannot meet the required annual salary; you will need to either pay the term of the fixed tenancy in advance or provide a suitable Guarantor.
A guarantor does not need to be a home owner, or a family member; however they do need to earn a minimum of the required qualifying salary and in addition pass the credit referencing.
Once we have received your holding deposit as part of your commitment in wanting to rent a property, we will then start the referencing process. You will receive an email from FLS (an independent referencing company) asking you to complete the necessary information about yourself and the 'guide to referencing' will assist you should you require any further help regarding the email link.
The referencing process can take up to two weeks to complete. It is therefore very important you supply the relevant information necessary as quickly as possible, as well as informing any one you may have elected to be contacted by FLS as part of the application process. As FLS is an independent company, iConn do not have any control over the time scales to which FLS work by nor the final results of the referencing application. If for any reason a reference application is proved unsuccessful; you have every right to contact FLS direct for further information. Please note iConn is not able to provide you with further information regarding an unsuccessful referencing application and cannot be held responsible for an unsuccessful application due to a proposed tenant knowingly falsifying or withholding relevant information.
Please use the affordability calculator below as a guide to the maximum monthly rental you can afford.
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