Decision: Decline
What does this mean?
- The tenant has not passed the satisfactory standards of referencing based on L4L criteria.
- Likely reasons include:
- CCJ(s) over 10K.
- Bad landlord reference – arrears, damage, etc.
Options?
- Can reference a guarantor even if RPI won’t be available.
- Ask for rent up front, break clause at 6 months, do their own research on the tenant on social media, local news sites, etc.
- They may see CCJs as different if paid off – tenant will have receipts if they paid someone over £10K to show they’re no longer being chased – L4L still see it as a decline as matters were serious enough for them to go to court over the amount.
- They can still go ahead if happy with reasons but it isn’t advised.
Rent Protection Insurance Eligibility?
- No chance of RPI being offered even with a guarantor present or other tenant covering their share – L4L see a decline as too bad a risk no matter how much others earn.
Rent Protection Insurance Eligibility?
- The landlord will not be eligible for RPI based on the decision.