How do Estate agents check your income?

Question

Hi To estate agents

i am trying to move into an apartment but it says my income needs to be 2 and a half times the monthly rent, however my Income falls a little short of this Criteria, But not by that much.

Do you think this will be a problem?

Answer 1

Only if you can't pay the rent.

Answer 2

I always call the employer to verify all information that is on the application for tenancy concerning employment.Where I live, I also check court records to learn of a criminal background or previous evictions. I also expect that the gross income be 3x the rent. I do not want any people who are overly optimistic about ability to pay. Then I may have to evict them when they can not pay. Evictions are costly. The tenant would owe me damages for the cost of the eviction, but there may be a question as to weather I can collect on the judgment.

Answer 3

If they said it must be 2 1/2 times the rent and yours is not, then I would think you would not qualify. They did not say *almost* 2 and a half times the rent.

They probably check by looking on your credit report and or requiring to bering your last 6 weeks of pay stubs.

Answer 4

I've no idea why an estate agent should need details of your income as they are not lenders. If it is a building society or the like then they usually ask for proof of income such as the last 2-3 payslips.

Answer 5

You will be required to produce a check stub from your last pay check that's how they verify income. If you fall a little short it might not be an issue but it depends on the complex.

Answer 6

They check the employer on your application by doing a VOR or verification of rent either written or oral.

If you have the credit file to show that you pay your bills then they may allow if you're close. But usually if their rules are written they legally have to follow them to the letter.

Good Luck

OBA

Answer 7

Shouldnt be a problem if its only just short

They will want to see either bank statements or a few previous payslips......they will take an average if your pay is different each time

Answer 8

It would be illegal for them to give you the commission back. You, them and both brokers involved would lose your license.. If you want the commission you have to be the listing or the selling agent and yes, you pay income tax.

Answer 9

Ways in which they MIGHT check you income include:
a) Asking you to show them your paystub
b) Calling your employer

This does not mean that they necessarily will check.

Answer 10

They usually take up a reference from your bank, who do know what you get in each month and they ask if the bank believes you can meet your commitment.