To qualify for flatfair, tenants and guarantors must be fully referenced and have their income verified by a third party referencing provider. Tenants also need the right to rent in the UK, which should be verified by their Letting Agent.
(Please contact your relationship manager if you’d like more information about recommended referencing providers.)
flatfair can’t accept tenants or guarantors who:
- Have referencing reports indicating a fail or unacceptable status
- Have adverse credit such as bankruptcy, an unsatisfied individual voluntary arrangement (IVA) or an unsatisfied county court judgment (CCJ)
- Have been referenced in-house
As well as satisfying the above requirements, tenants are only eligible if they:
- Have a confirmed gross annual income that amounts to no less than 30 x their share of the monthly rent (e.g. a monthly rent share of £800 x 30 requires a gross annual income of £24,000 or higher)
If you have multiple tenants, you’ll need to make sure that their combined rent shares and affordability meet our affordability criteria, otherwise, they won’t be eligible. (You can find out how to work this out here.)
Tenants can also be eligible for flatfair if they pass referencing with any of the following conditions:
- A guarantor
- Payment of rent in advance (Read our guidance on rent in advance here)
- Proof of address uploaded to the platform (We have a handy guide to proof of address here)
If a tenant can’t produce a proof of address or pay rent in advance, they could be eligible to sign up to flatfair using a guarantor, even if that is not indicated as a condition of their reference.
Guarantors are eligible for flatfair if:
- They have a confirmed gross annual income that amounts to no less than 36x the monthly share of the rental amount they are guaranteeing (e.g. a monthly rent share of £800 x 36 requires a gross annual income of £28,800 or higher)
- They are acceptable in their own right with no referencing conditions attached
- They are a private individual (we are unable to accept a company guarantor for a private tenancy)
Tenants need to meet the above criteria at the start of the tenancy and maintain any relevant referencing conditions throughout the tenancy before flatfair will consider making an offer to purchase debt at the end of the tenancy.
The above is applicable for private tenants only. Please note that flatfair will not be accepting company lets until further notice.