In order to qualify for flatfair, tenants and guarantors must be fully referenced and have their income verified by a third party referencing provider. Tenants require 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 is unable to 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
In addition to satisfying the above requirements, tenants are only eligible if they:
- Have a confirmed 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 an annual income of £24,000 or higher)
If you have multiple tenants, you will need to make sure that their combined rent shares and affordability meet our affordability criteria, otherwise, they will not 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
- Proof of address uploaded to the platform
If a tenant is not able to produce a proof of address or pay rent in advance, they could be eligible to sign up for 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 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 an 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 must have met the above criteria at the start of the tenancy and maintained any relevant referencing conditions throughout the tenancy before flatfair will consider making an offer to purchase debt at the end of the tenancy.
Payment of rent in advance
Read our guidance on rent in advance here.
Proof of address
We have a handy guide to proof of address here.
The above is applicable for private tenants only. Please note that flatfair will not be accepting company lets until further notice.