No. Any income a tenant or guarantor receives that is not from a UK-based company does not count towards the amount assessed in the referencing report's affordability ratio.
If a tenant or guarantor fails this affordability test, we can't make our Rent Guarantee Insurance (RGI) offer to the landlord. It is still very much worth referencing tenants who you suspect will fail referencing due to their primary income being overseas income.
Don't forego referencing due to a lack of UK income
Although not part of the affordability test, overseas income is included in the referencing report. So even if a tenant fails the affordability test based on a lack of UK income, the landlord is able to make an informed choice on whether they want to accept the tenant.
Tenants and guarantors might well be able to afford the property when their overseas income is taken into consideration. Landlords will also receive a wealth of other information from the referencing report, such as referencing from previous landlords and employers.
Look at other titles on RGI and referencing:
- What do I need to start referencing my tenant?
- Does referencing cover my right to rent duties?
- What is included in referencing?
- Can I let to a tenant who fails referencing?
- Should I get speedy or comprehensive referencing?
- How can I order referencing?
- How long does referencing take?
- What is Rent Guarantee Insurance?
- Why isn't Rent Guarantee Insurance (RGI) available to speedy referencing customers?
For specific questions about tenant or guarantor referencing relating to specific tenants, guarantors and circumstances, you should contact our referencing team via the details provided on this dedicated page on your OpenRent account.
For further information on the cover Rent Guarantee provides and eligibility criteria, please contact Rentguard directly on 0113 320 7368.