For a Tenancy to be eligible for Reposit, your letting agent/landlord must obtain a reference for all Tenants from an independent referencing agency.
The reference check must evaluate the Tenant’s:
Identity: To verify the Tenant’s genuine identity.
Credit History: To detect any history of adverse credit such as CCJs, IVAs or bankruptcy. Tenants with no UK credit history or otherwise where a credit check cannot be performed will require a Guarantor to be eligible to use Reposit.
Income and Affordability: To verify the Tenant’s source(s) of income and confirm that the Tenant's annual income is:
i) not less than 30x the monthly rent (excluding bills or other non-rent charges); Or ii) determined as sufficient to meetthe rent payments based on the Tenant’s financial data obtained through Open Banking.
To be eligible for Reposit, the report will need to show that the you have passed referencing.
Conditional Pass:
If a Tenant is determined as acceptable with conditions, the letting agent/landlord will need to be able to provide evidence that those conditions have been met. Where a Guarantor is required, they must be referenced and meet as applicable the above or below criteria, and the Guarantor's details will need to be provided to Reposit.
Company Guarantors
Should you need to use a Company Guarantor, you acknowledge and agree that a Company Guarantor must be provided by one of the following entities:
Oh Goodlord Ltd (T/A Goodlord),
Barbon Insurance Group Limited (T/A HomeLet / Let Alliance),
Rent Guarantor Holdings PLC (T/A Rent Guarantor),
Rentr Solutions Ltd (T/A Rentmigo), or
The Lettings Hub Limited
Exception for Student Tenancies:
Where the Tenants named on a Tenancy Agreement are all students, the above criteria does not apply. Instead, a reference check may only be conducted on the Tenants’ Guarantors that evaluates the Guarantors’:
Identity: To verify their genuine identity; And either
Credit history: To demonstrate they do not have adverse credit such as an unsatisfied CCJ, IVA or bankruptcy; Or
Income and affordability: To show their annual income is: i) not less than 30x the monthly rent (excluding bills or other non-rent charges); Or ii) determined as sufficient to meet the rent payments based on their financial data obtained through Open Banking.