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Housing/Rent drop in salary.

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
Hi Guys

Just doing some checking. Basically our rental agreement is up for renewal which means I now need to inform them I have changed jobs, the job change for me as ment I have had a large Salary drop.

We've been like this for near on 5 months of our 6 month agreement and I know we can pay the bills but now we are going to be re referenced for our new tenancy agreement I am worried we will be declined because of the drop in Salary.

At present my rent is now 50% of my Gross Income, I've heard most reference agencies say not to accept over 40%, I also believe they do not take any benefits (ie Child/working tax credits) into account.

Any advice on personal experience?

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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    The credit reference for rent I did recently did take benefits into account. I'm surprised they would re-reference you though.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Yeah, looks like my wifey misread the letter so slightly less worried.

    The letter says "as per the tenancy agreement we require £50.00 per person plus VAT for renewal of the agreement" I assume this wouldn't include a reference as last time I had to pay the admin fee PLUS references fees.

    So, kinda less worried. still waiting to hear if our landlord wants to renew our agreement anyway but we've been model tenants anyway so I assume he will.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Well just spoke to them, looks like everyone will get Re-referenced.

    Worried now the drop, the fact my wife doesn't work as well will affect it a lot. The annoying thing is, is the timing.

    They require payment for the renewal within 10 days but if I don't know if I will be accepted I am hesitant about handing payment over.
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