Covid Update

We are open with a safety first approach
If you’re concerned about moving home, at Edison Ford we want to reassure you that we’re committed to continuing to help people move safely and responsibly.
We are restricting customer visits to our office at present. If you would like to visit, please email us on enquiries@edisonfordproperty.co.uk or telephone 01454 316718 where we will deal with your enquiry. Thank you for your understanding.

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We're here to help

01454 316 718

Rental Affordability – Top Tips & Calculator

We have developed our own affordability calculator which you can find below, although it’s important to note that when renting a home, there’s more to consider than just being able to pay the rent. Here are some tips from our rental team to consider for when renting a property:

Budget for your additional costs

As we said above, renting a property is much more than the monthly rent and you’ll need to consider your additional expenses realistically, such as:

  • Food/clothes
  • Loans or credit card repayments
  • Insurance
  • Phone bills
  • Savings
  • Leisure (gym/hobbies/nights out)
  • Childcare/maintenance
  • Council tax
  • Utility bills (electricity, gas, water, etc.)

If you’re not sure, always overestimate. You don’t want to risk missing your monthly payments as you’ll soon reduce your credit rating – this brings us on to the next point.

Check your credit rating

Your credit rating is an important factor most letting agents take into consideration when renting a property to prospective tenants. If it has a low rating then there’s a chance you won’t be accepted for a property as it suggests missed payments. You can check this using Equifax’s credit report which is free for a trial period. It’s important to know this because you may lose your application fee if you don’t get accepted for a property.

Don’t forget the upfront costs

Most agencies will ask for upfront fees. We ask for:

  • An application fee – this covers all referencing checks and administration including all legal paperwork and costs £360 inc VAT (for 2 adults)*.
  • Deposit – This is a month and half of rent and will be returned to you at the end of the tenancy subject to a final inspection.

Have a guarantor ready if possible

A guarantor is a person (preferably a family member) who is willing to step in if you aren’t able to make your monthly rent payment. This isn’t required although, under certain circumstances, such as not having the recommend income or a less than ideal credit rating, it may be required. So it’s important to consider all of the above and have a guarantor ready if you feel it’s necessary. Remember, rental properties do go incredibly quickly so having all of the correct information readily available will help you find a property much quicker.

* this is up-to-date as of December 2016

Calculate Rent Affordability

Either enter your monthly rent or annual income to calculate affordability.

If you were renting a property with a monthly rent of £0 then your total income will need to be:

£0


If a guarantor is required then they will also need to have a total income of:

£0

With your total income of £0, the monthly rent that you might be able to afford without taking any personal circumstances into account would be:

£0


If a guarantor is required then they will also need to have a total income of:

£0

About The Author

Everyone at Edison Ford works as a team to bring you this content. The content is either written by Kieran or Peter and the advice included in our guides comes from our own experiences and research collectively. We hope you find our content insightful and if you have any suggestions, then please feel free to email Peter. You can read more about everyone here.

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