First time posting here because I’ve been itching to ask questions regarding renting with reference checks.
I and my sister are both professional sharers and are young; 20 and 22 respectively, and do not have any plans to move out separately in the next 12-18 months as we both rely on each others income because our parents live abroad atm.
We have never had any tenant reference checks done before and this is the time so we are really worried, as we have paid a £200 holding fee and if our checks fail, then we lose this (is this right?).
We both have been working for the past 3 years continuously but have changed jobs and at the moment, we have both taken up new jobs.
I have just started at a well know Retail Jeweller who stock really expensive items from Patek Phillipe watches to Rolex but this employment is only part time at the moment but permanent.
From this job, I am earning £800 basic + guaranteed overtime but if you add on anymore over time that I do myself and the commission earned, it can well go up over £1000 per month.
Before this, I use to work in another retail jeweller which was contracted so my contract ended and I took up my current employment even though its part time because I didn’t have any income.
Before this, I worked for Audi as a sales executive but resigned because of personal issues because I become a full-time carer which I am not anymore.
Yearly I earn £9,600 but if you add commission and any more overtime taken then it can go well up to £13,000 or more but the estate agent will only take into account the £9,600 which is understandable.
My sister has just started a job at Vision Express as an optical assistant which is full-time and permanent, but also is working at her previous job from full time down to a part-time basis as an evening host.
From her full-time employment, she earns £15,000 a year basic and with overtime and commission it can go well up.
From her part-time employment, she earns £4,800 a year but the agent is not taking this into account at the moment, and also both employments are permanent.
The property we are looking to rent is a 2 bedroom flat newly refurbished, on an unfurnished basis for £795 a month.
The agents affordability calculator tells us that the affordability criteria for this rent are an income of £23,850 a year.
Our combined income is £24,600 with my job and my sister’s full-time job only combined.
If you combine incomes from all the jobs then our combined income is £29,400, we come from a traditional family and so don’t have any values such as rent paid at 50/50 as we understand each other’s position and situation.
My credit file is vast, I have various credit card’s and one personal loan all which I pay back exactly on time as they are all direct debit, do not have any adverse information such as country court judgement or defaults, only my score is low as I am young and starting off.
My sister’s credit file is fairly new as she has one credit card and an OD both which she uses responsibly and pays back on time all the time.
The estate agents said that from the information given by us, there isn’t any reason as to why the reference checks should fail anyway but as this is the first time this happening, I am as worried as one can be.
From the information given, what can be the reason to decline and if decline, can i get some if not all of the holding fee back?