Quarterly Rent Requirements
If you are a student from overseas, then the landlord would need you to pay your rent quarterly. In order for us to process your ability for this payment frequency, the documentation we require for this would include one of the following:
- Bank statements showing two things;
- Proof that you hold an amount of at least 3 times the rental amount, with the money held in a personal account for a minimum of 3 months, and instantly accessible (i.e. can't be held in stocks, shares or investments)
For example, if the monthly rent for the property is £150, the minimum monthly income must be (£150 x 3 =) £450 - Proof that these amounts are regularly deposited into your account
- Proof that you hold an amount of at least 3 times the rental amount, with the money held in a personal account for a minimum of 3 months, and instantly accessible (i.e. can't be held in stocks, shares or investments)
- A scholarship, loan or grant letter, confirming that you will be provided with enough money to cover the duration of your tenancy and payments (please note this is also subject to the above '3 times' limit)
If someone else is paying for your rent (such as a parent), we can accept bank statements under their name to show the threshold required, and they will need to provide us in writing (an email is sufficient) to confirm that they are financing your rental payments.
You can also pay the full rent in one go up front if you prefer, but we would then require a bank statement showing that you hold enough money to cover the full rental amount, with the money being held in a personal account for a minimum of 3 months, and instantly accessible (i.e. can't be held in stocks, shares or investments).