For a Tenancy to be eligible for Reposit, you must obtain a reference for all Tenants from an independent referencing agency. We cannot accept reference checks that have been conducted in-house.
The referencing checks must at a minimum evaluate each Tenant’s:
1. Identity: To verify the Tenant’s genuine identity.
2. Credit History: To detect any history of adverse credit such as CCJs, IVAs or
bankruptcy.
3. Income and Affordability: To validate the Tenant’s source(s) of income and
confirm that the Tenant's annual income is not less than 30x the monthly rent.
To be eligible for Reposit, the report will need to show that the Tenant has passed.
Conditional Pass:
If a Tenant is determined as acceptable with conditions, you 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 the above criteria, and you will need to provide the Guarantor’s details to Reposit (as indicated on your Reposit dashboard).
Policy for Tenants Receiving Benefits:
To be eligible for Reposit, Tenants who rely on benefits (including Universal Credit) to meet the affordability criteria specified above must provide a Guarantor who passes the referencing criteria.
Exception for Student Tenancies:
Where the Tenants named on a Tenancy Agreement are all students, the above criteria does not apply. Instead, you may conduct or obtain a reference check on their Guarantor that evaluates the Guarantor’s:
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 not less than 30x the monthly rent.
To benefit from this exception, you will need to provide evidence that all Tenants named on the tenancy are students. Such evidence can include:
Communication from the relevant council that they have exempted the property from council tax.
A council tax bill stating that the tenancy is exempt.
A certificate of student status from each Tenant.
A student ID card from each Tenant.
Important Note: Reposit reserves the right to request evidence that a reference check has been carried out, and that the Tenant and/or the Guarantor has met the criteria. Failure to comply with the above obligations will result in the Reposit cover being void.