Fennic Property Rentals

www.fennic.co.uk
Tel 07380 395926
WhatsApp 07380 395926
email info@fennic.co.uk

Eligibility for renting

To be eligible to rent a property in England you must have a right to rent, without this we are legally not allowed to rent a property to you, it is also one of the first things the credit reference agency will ask to see along with photographic identification, such as a passport and or driving licence. You will also need to be earning or in receipt of benefits of at least 30 times the rent, if the property is for example a two bedroom flat located in, Portsmouth Marina and the rent is £1450.00 per month you need to have an income of £43,500 per year, which can be a single income or joint combined income.

Take into account your other bills

Home ownership or renting a property is not easy, you need to work a budget that you can afford.

Income after Tax and National Insurance contributions £79,000 per year

Life can be an expensive business. Property rentals, council tax and car payments, finding financial breathing space feels like a constant struggle. Many people find themselves constantly in the red, barely surviving from pay-day to pay-day. Let's put this into perspective. An average person could be spending roughly £1450 monthly on property rentals, £190 monthly on council tax, £550 monthly on car payments and let's not forget about food shopping that could be around £650 monthly. The list goes on and on, with expenses such as mobile phone bills, home internet, gym fees and holiday savings. All these monthly expenses pile up, leaving little for savings or personal enjoyment. We need to ensure you can afford payments and the credit reference agency will look at your income. Now look at family life with the new iPhone the children want plus the latest games console, not to forget all the other expenditure along the way, often adding up to many thousands you spend a year. 

Summary: The example looks at the financial situation of two individuals based on their respective incomes and expenditure.    

Factor in all your expenses and day to day living costs, (we have rounded these up, therefore are for example only).

Property rental £1450 per month

Council Tax £190 per month

Car payments £550 Per month

Car insurance £90 per month

Car service and new tyres £90 per month

Petrol for car £300 per month

TV licence £15 per month

Food shopping per month £650

Clothing £300 per month

Car parking £200 per month

Train tickets £500 per month

Entertainment £576 per month

Electric and Gas £200 Per month

Mobile phone £65 per month

Home internet plus tv . Netflix, Prime £90 per month

Holidays saving £200 per month * based on just one holiday per year at £2400

Gym membership £40 per month

Christmas shopping gifts £180 per month

Days out at the cinema etc £140 per month

Total outgoings per month £4861

Total per year £58,332

In this example the affordability would pass. But is still subject to credit check and any missed payments of CCJ's in the past six years could be an issue.

Credit score

When you rent a property it is an expensive item, worth many thousands, a credit check is carried out as well as reference checks from previous landlords and an employment check. If you have missed payments or county court judgement or even worse then the chance of you passing the credit check, even if you passed the affordability check become doubtful. In order to rent a property you usually need to pass the credit check, which shows you are a person who is able to manage finances and pay all bills and other payments on-time. The credit reference agency will perform a hard search on your credit file, if you do not pass they may suggest a guarantor is considered, which means they are responsible for the payments for the property if you do not pay, for the entire duration of the rental. Generally they need to also be a homeowner but this can be different for client to client. We only get told if you have passed and been accepted, declined or proceed with guarantor only or refused. We have no say or power to overturn any details they give us, however if you think that the information they have is wrong then we do advise you obtain a copy of your credit report as no doubt mistakes sometimes do happen.

Next Steps - Credit score Checks

Every individual's financial wellness is an indispensable aspect of life. However, a simple oversight, like not being on the electoral roll, can morph into an unanticipated problem. This is a typical stumbling block that walks hand-in-hand with innumerable financial services, credit facilities, loans, and even renting a property could be declined. Many are not aware that the electoral roll, a seemingly unrelated facility, plays a pivotal role in the identification process. Due to this, countless people find themselves in a predicament when they attempt to apply for credit. It can be very disconcerting to learn that even with a respectable financial past and impeccable credit history, your application is being declined or delayed. The reason? The absence of your name on the electoral roll. Without your details listed here, lenders find it tough to corroborate that your given address is legitimate - an essential verification procedure they must undertake. This situation can snowball into serious issues that can hamper your plans and financial endeavors. Without credit or loans, your ability to manage expenditures, fund businesses or handle emergencies could be obstructed. The mounting frustration can become a source of relentless pressure and worry, leaving you grappling to understand how an electoral roll listing can have such a profound impact.

But worry no more! Here's some good news - Fennic is devoted to making this process smoother and less daunting for you. We strive tirelessly to assist you in navigating these rough patches competently.

Fennic, is proud to introduce you to ‘Step Change’. This service is a light at the end of that troublesome tunnel that seems insurmountable. Simplifying the intricacies of financial services and credit application, Step Change can offer invaluable assistance, regardless of your position on the electoral roll. They often have links or other charity organisations that can help. We are not connected with them or affiliated with them in any way and Fennic, take no responsibility if you use them or any other links from this website. As with everything on this website things change all the time, so everything is for reference only.

Every individual deserves financial wellness with ease, we firmly believe. With our step-by-step guidance, extensive resources, and the unflinching support of Step Change, you can ensure a bright and secure financial future. Through Step Change, we can help you navigate a large array of services that include but are not limited to financial advice, debt solutions and more, offering tailored assistance based on your specific needs.

Never let a hurdle, like being unlisted from the electoral roll, deter your financial freedom. Remedying it is easier than you think. Let Fennic, alongside Step Change, be your helping hand towards conquering this challenge.

Seize control of your financial health now! Fennic is pleased to offer you an opportunity to explore the wealth of resources available through Step Change. Click the link to find out more about how Step Change can help you regain control of your financial wellbeing and pave a new way forward. Don’t wait – embrace the opportunity and start your journey towards financial wellness and stability today!

Avoid lots of applications in a short space of time

If you've recently been turned down for credit, it's unwise to apply for another credit card or loan immediately, as multiple applications over a short period of time may suggest to lenders that you're in financial difficulty.

Spread out loan and credit card applications by at least three, if not 12, months. Each application, whether successful or not, shows for 12 months, but generally only has an impact in the first three months.

Credit standing is essential for securing a financial future. Mortgage approvals, taking out a credit card, even securing a mobile phone contract, depends on one's creditworthiness. In unfortunate circumstances like bankruptcy or receipt of an Individual Voluntary Arrangement or a CCJ (County Court Judgement), your credit score can plummet, causing potential financial frustration in the future.

Experian, a global credit score agency, has provided a startling revelation: A CCJ can knock off 250 points from your credit score while defaulting on an account can sink it by 350 points. It’s a serious problem playing heavy stress on your shoulders, draining your emotional bandwidth and leaving you with a troubling feeling. It is very real and serious trouble you are facing. Imagine that sense of despair as you realise your credit score is far below the threshold, and worse still, six long years await before an Individual Voluntary Arrangement or CCJ can be erased from your credit report. Each application for credit becomes more challenging, each refusal makes your desired future seem more unreachable. It doesn’t simply impact your financial status, but it probes on every aspect of your life.

Consider the doors being abruptly closed on various opportunities due to your deteriorating credibility, the chances of buying  or renting your dream house, slipping further away, the mobile phone contract you wanted being denied, and the anxiety rocketing with each higher interest rate charged on loans due to poor credit score. The shadows of financial uncertainty loom large, overshadowing your dreams and aspirations.

However, there are ways to cope with this situation and regain financial stability. It’s essential to manage this crisis by monitoring creditworthiness and exploring other routes besides going down the roads of CCJ or Individual Voluntary Arrangement. Avoiding a dire situation like bankruptcy could mean securing a brighter financial future for yourself. It is not an overstatement to say that thorough financial scrutiny, smart judgements and strategic actions can rescue you from the abyss of a poor credit score. Remember, every problem has a solution hiding somewhere; all we need to do is, look closer and find the right path to tread. With the right plan and execution, you can rejuvenate your credit score and resurrect your financial standing to savour the opportunities knocking at your door.

In the end, it is important to remember that this road cannot be walked alone. Get the help you need from professionals who can guide you towards the right direction. Don’t live under the shadow of a poor credit score. Reach out to experienced financial advisors now.

Contact us right away, and let’s find some links to help you turn your financial fortunes around. It has become vital to have a good credit score to rent a property, if all else fails contact friends and family and ask them if they will be a guarantor.

At Fennic Property Rentals, we do not decide who will pass or be declined, the information is supplied to the reference agency directly by you. You need to contact them if you are declined. Once we have the results back we submit this to the owner and they choose how they wish to proceed. 

We are not an affiliated partner of Step Change, we will not receive payment if you use any of the services they offer and it is only for reference only, you use any link or service at your own risk. You need to obtain professional services if you have any financial questions. Fennic Property Rentals are not in anyway qualified to give personal help or support of any kind or legal advice. You must check all facts or statements made yourself with your own appointed team of experts. Fennic Property Rentals are not responsible for any money paid or lost through the use of any services you decide to use not limited to Step Change. 

StepChange - Debt advice and fee-free debt management

Call 0800 138 1111 or visit stepchange.org

Money Helper - Information and tools to help manage your money

Call 0800 011 3797 or visit moneyhelper.org.uk

National Debt Line - Debt advice, including specialist advice for self employed Call 0808 808 4000 or visit nationaldebtline.org

Citizens Advice - Advice on finances, consumer rights, benefits and more Call 0808 223 1133 or visit citizensadvice.org.uk 

Here is some useful information if you are homeless or know someone who is experiencing homelessness.

If you or someone you know is sleeping rough you can use the alert Streelink service to help connect them with outreach services: www.thestreetlink.org.uk/start Food, You can find free food stations via:The Pavement - for food and soup runs: www.thepavement.org.uk/services Homeless Link - for day centres: www.homeless.org.uk The Trussell Trust - for food banks: www.trusselltrust.org/get-help/find-a-foodbank/ Food Cycle - for food services - www.foodcycle.org.uk/free-food-locations/ HOUSING Councils have a duty to help people who are homeless or facing homelessness. Contact the Housing Options team from the council you have a local connection to and see if they can offer:

Emergency accommodation - a place in a shelter or a hostel

Longer-term accommodation including independent or social housing

Visit: www.gov.uk/find-local-council During times of severe cold or heat, local councils have special accommodation known as Severe Weather Emergency Protocol (SWEP). Find out more here: www.gov.uk/find-local-council. For advice, support or legal services related to housing visit www.shelter.co.uk or call 0808 800 4444.You can also contact Crisis: www.crisis.org.uk/get-help/ For housing advice, call Shelter on 0808 800 4444 or visit: www.shelter.org.uk.DAY CENTRES Day centres can help by providing internet access, free or cheap food, shower and laundry facilities, safe storage for belongings, phone charging and clothes, toiletries or sleeping bags.They can also help with services for benefits or immigration advice; health support; finding work; educational or social activities; hostel, night shelter or outreach referrals. centres can be found through Homeless Link: www.homeless.org.uk/BENEFITSNormally you can claim Universal Credit if you are sleeping on the streets or staying in a hostel. If you are in a hostel, you can claim Housing Benefit to help with rent. You do not need a fixed address or a bank account. USEFUL CONTACTS Crisis - visit: www.crisis.org.uk or call 0300 636 1967.Shelter - visit: www.shelter.org.uk or call 0808 800 4444. Centrepoint (for people aged 16-25) - visit: www.centrepoint.org.uk or call 0808 800 0661.St Mungo’s (Bath, Bournemouth, Brighton, Bristol, Christchurch, Leicester, Oxford, Poole and Reading) - visit: www.mungos.org or call 020 3856 6000.Depaul UK (for young people) - visit: https://www.depaul.org.uk/ or call 0207 939 1220.Citizen's Advice (legal advice) - visit: www.citizensadvice.org.uk or call 0345 404 0506.The Samaritans (health and wellbeing) - www.samaritans.org/how-we-can-help/contact-samaritan or call 116 123.