The final report we provide will be an overall assessment of the applicants ability to meet the rental payments. Each successful applicant requires a gross income of at least 2.5 x the rent or proportion of the rent which he or she is due to pay.
Example: Monthly rent £500 x 12 = £6,000 per year. The applicant
earn at least 2.5 x this figure i.e. £15,000, to be considered acceptable.
NOTE: See the income to rent
affordability calculator
It is therefore important that the applicant specifi es basic salary + any regular bonuses or commissions such as London weighting allowance. Full details, landline contact numbers, email addresses and names must be supplied for us to verify any additional income. Where the applicant has bonuses/overtime/commission a proportion of this will be taken into consideration and must be verified by the employer. Bank or Building Society statements /benefit books / postoffice books are not acceptable as proof of residency as they can be sent to any address and do not prove residency at a particular address).
We use the gross annual income for our income-to-rent ratio, so it is important that the income is quoted gross before stoppages, i.e. don't quote 'take-home' pay.