Business is booming.

Why should I let my landlord spy on my finances?


Demanding online access to your bank accounts for 90 days to scrutinise your income and expenditure. Calling your boss to verify your salary. Asking for an accountant’s reference and copies of your tax returns.

No, I’m not talking about the level of financial scrutiny people can expect when applying for a mortgage. These checks are becoming the norm for tenants trying to rent a property in the aftermath of the pandemic.

“To get a new place to live, I have to allow the new landlord’s reference checking company to spy on my bank account for 90 days,” says Michael Wright, a journalist and freelance writer.

Share your story

Have you experienced this sort of financial scrutiny when trying to rent a property? Share your stories in the comments below

The property market in his area of Norfolk is red hot due to the “race for space” and the staycation boom, which has seen many traditional lets convert to Airbnbs.

At the same time, lockdowns have accelerated the move away from providing paper copies of bank statements towards digital services powered by Open Banking, which allow consumers to share their financial data with fintechs authorised by the Financial Conduct Authority.

To stand any chance of renting close to their child’s school, Wright and his partner reluctantly agreed to be digitally vetted.

For 90 days, they consented to share data, including their account balance, details of all incoming and outgoing transactions (most banks hold one or two years’ worth of data online) plus any fees, charges or interest they’d incurred.

Although this verified that the couple had a joint income of well over £60,000, self-employed Wright was deemed a “moderate risk”. The letting agent has also demanded to see copies of his tax returns. And all this for a monthly rent of £980!

Property expert Kate Faulkner says tenant referencing and credit checks are nothing new, but the pandemic experience has made buy-to-let landlords even more paranoid about the risks of rental default. Rental insurance is harder to come by and policy costs have soared.

“Landlords will also check affordability for other costs such as council tax and heating,” she says, adding that some tenants have had issues with damp “which turns out to be because they can’t afford to heat the home”.

Even at the higher end of the market, the self-employed and singletons are considered especially risky.

My self-employed Instagram followers tell me they’ve been asked to provide six months rent up front, landlord references, accountant’s letters, tax returns and up to one year’s worth of photocopied personal bank statements.

As we heard on the Money Clinic podcast, single accountant Jenny was passed over for several flats in Leeds as landlords said they’d prefer to rent to a couple with a dual income.

Increasingly, tenants can’t rent a property unless they are backed up by a guarantor. One FT Money reader agreed to do so for a family member who is a single parent. He passed a credit check, showing he owned his own property. Days later, his boss received a phone call asking to confirm that he worked there and what his salary was.

However, the providers of digital tenant referencing services claim that Open Banking is much more secure and accurate than old-fashioned methods — and actually involves less intrusion into our private lives.

“No, your landlord won’t be able to tell whether or not you ordered Deliveroo last week,” says Chris Hutchinson, founder of Canopy, one of a growing number of FCA-authorised apps. “As an intermediary, we only surface the information that’s needed to make the decision,” he says.

Typically, this will be a PDF report verifying your income for the past 12 months, the rental payments you’ve made and your projected level of affordability.

“None of that security exists with sharing paper copies of payslips or bank statements,” he adds.

Freddy Kelly, founder of Credit Kudos, which provides the tech for an array of rental apps, argues that Open Banking could make landlords feel more confident about letting to “gig economy workers, small business owners; anyone who lacks a recurring salary payment,” plus those whose credit history has been affected by working overseas.

Algorithms can separate discretionary and non-discretionary expenditure; score the consistency, regularity and longevity of a renter’s income; and use this to calculate a monthly “affordability threshold”, which is all the landlord sees.

More accurate than a credit check, customer volumes have increased seven-fold during the pandemic.

In theory, digital services are quicker, easier and less intrusive — but they also enable landlords to cherry pick tenants with the equivalent of a triple A credit rating. I’m already hearing reports of would-be tenants being financially screened before they get selected for a viewing.

Campaigners say the balance of power has shifted too far.

“Landlords have so many ways of checking who their prospective tenants might be, but there’s currently nothing allowing tenants in England the same privilege,” says Polly Neate, chief executive of Shelter, the housing charity.

Scotland, Wales and Northern Ireland already require landlords to be registered — but England does not. Neate says a national register would be “a simple solution to a very serious problem” — the number of renters who don’t know who their landlord is.

“We deal with people every day who don’t know how to contact their landlord, request repairs or challenge them,” she says, adding that local authorities also struggle to track down repeat offenders.

This isn’t just a problem at the cheaper end of the rental market. An FT colleague is renting a flat in a fashionable part of London where an unfixed leak is causing water to drip directly on to her pillow. She reported this to the letting agent three months ago. Nothing happened. She asked to speak directly to the landlord and has been stonewalled.

Shelter’s research estimates that 22 per cent of renters have moved into a property with smoke alarms, central heating or water supplies — all essential, legal requirements — that don’t work. Yet one in five renters don’t complain through fear of being served with a no-fault eviction.

So I have a challenge to throw down to the Open Banking providers. Please can you make an app that allows renters to check whether landlords have enough capital to finance unexpected repairs promptly? It would be handy if this could also show an “affordability indicator” of how much they’re relying on the rental income to fund their personal everyday expenditure.

Sadly, I fear renters may face a long wait for this kind of innovation and the prospect of regulation is also slipping back.

Last month, the government said the renters’ reform bill, which promised to tackle many of these problems, would be delayed until next year.

When you consider how many MPs have portfolios of rental properties, I cannot help but wonder whether they really understand the plight of renters — or merely have an interest in preserving the status quo.

Claer Barrett is the FT’s consumer editor:; Twitter @Claerb; Instagram @Claerb

Source link

  1. JuliusLeonard says

    thank you so much for this impressive website me and my class loved this content and perceptiveness

  2. MisaelJudah says

    thank you so much for this impressive web site me and my kin preferent this message and brainstorm

  3. Soaaop says

    levaquin 250mg brand levofloxacin price

  4. Wfyvxg says

    oral avodart 0.5mg buy generic ondansetron 8mg buy ondansetron 8mg online cheap

  5. Zmupfn says

    spironolactone brand order valtrex pills buy diflucan 100mg pills

  6. Ijbdxn says

    brand ampicillin 250mg cephalexin 250mg tablet order erythromycin 500mg generic

  7. Gxvaje says

    sildenafil 50mg oral careprost allergy spray order methocarbamol 500mg generic

  8. Uwdmws says

    suhagra us order generic estradiol estradiol 2mg for sale

  9. Hvvroo says

    buy lamictal 200mg for sale purchase vermox pill buy retin gel without prescription

  10. Wzddyh says

    order tadalafil generic buy generic avana 200mg order generic diclofenac

  11. Rdyvzu says

    isotretinoin 20mg us order amoxicillin 250mg online cheap azithromycin usa

  12. Hpvykk says

    indocin order buy indomethacin 75mg pill trimox 250mg for sale

  13. Evwmbw says

    tadalafil 40mg without prescription Buy discount viagra sildenafil online

  14. Undsep says

    arimidex 1mg generic can you buy viagra without a prescription viagra australia

  15. Akeivn says

    cialis 40mg prix sildenafil 50mg generique pas cher viagra 25mg generique en pharmacie

  16. Adasaj says

    buy deltasone 40mg sale purchase prednisone sale sildenafil medication

  17. Ltthiv says

    cialis kaufen generika sildenafil kaufen ohne rezept sildenafil 200mg generika

  18. Udeizm says

    order isotretinoin pill purchase azithromycin generic ivermectin 12mg pills for humans

  19. Drpolj says

    doxycycline brand buy doxycycline 100mg online lasix 100mg price

  20. Lfbfoh says

    order ramipril 10mg pill astelin 10ml sprayer astelin usa

  21. Jyogqu says

    purchase catapres generic meclizine online order order tiotropium bromide 9mcg for sale

  22. Vwshak says

    buspar over the counter order cordarone 200mg without prescription ditropan online order

  23. Yzzdrh says

    fosamax ca motrin 600mg pill cheap pepcid 20mg

  24. Occtmo says

    buy benicar generic order verapamil 240mg generic buy diamox 250 mg pill

  25. Bwnhsd says

    buy prograf generic purchase urso without prescription ursodiol online order

  26. Ctwpyw says

    order imdur without prescription isosorbide cost telmisartan 20mg for sale

  27. Oxsxal says

    order bupropion generic seroquel cost seroquel

  28. Vyfsxs says

    molnunat 200mg uk naproxen 250mg brand lansoprazole without prescription

  29. Aqbvzl says

    sertraline medication oral sertraline 100mg viagra 50mg tablet

  30. Mviqxd says

    order salbutamol 100mcg generic viagra for women sildenafil overnight

  31. Fxohax says

    cheap tadalafil 20mg How to get cialis sildenafil tablets

  32. Vmistc says

    buy cialis 5mg without prescription order phenazopyridine 200mg without prescription oral symmetrel 100mg

  33. Hbmbyf says

    revia generic order generic albenza 400 mg aripiprazole pills

  34. Dmcvkm says

    purchase avlosulfon generic aceon 4mg cheap perindopril 8mg without prescription

  35. Zwmebc says

    provera 10mg ca order biltricide 600 mg pill cyproheptadine 4mg ca

  36. Ijxjnz says

    order provigil online best canadian online pharmacy ivermectin tablet 1mg

  37. Ztihlq says

    fluvoxamine order online purchase glipizide pill glucotrol 5mg brand

  38. Wkwekx says

    order accutane 20mg cheap amoxil pill cost prednisone 20mg

  39. Wtamvu says

    piracetam 800mg drug viagra 50mg tablet sildenafil brand

  40. Rixjjc says

    buy azithromycin 500mg sale azithromycin 250mg pills cost neurontin 100mg

  41. Lxbcgm says

    cheap tadalafil tablets cost cialis over the counter viagra

  42. Oclyci says

    purchase furosemide for sale hydroxychloroquine 400mg brand plaquenil 400mg tablet

  43. Hcomjo says

    purchase chloroquine online cheap baricitinib order baricitinib online buy

  44. Itiwlo says

    itraconazole price tinidazole cheap buy tinidazole 500mg online

  45. Reduzo says

    purchase glycomet sale order glycomet 1000mg for sale buy tadalafil 40mg without prescription

  46. Hsalvd says

    olanzapine 10mg canada order valsartan for sale valsartan 80mg brand

  47. Kktjsq says

    oral norvasc 5mg sildenafil 100mg drug tadalafil 10mg price

  48. Xpkgwf says

    buy generic clozaril buy clozaril pill buy decadron 0,5 mg online

  49. Qorkvw says

    buy viagra 50mg without prescription overnight delivery for viagra lisinopril sale

  50. Qxadnj says

    buy zyvox 600 mg online cheap caesars casino online online casino for real cash

  51. Oorcdf says

    brand omeprazole 20mg buy prilosec 20mg online play blackjack

  52. Nocsvf says

    lopressor 50mg over the counter levitra 20mg cheap levitra online

  53. Hawlvi says

    write my paper for me real money blackjack online blackjack for money

  54. Rmionm says

    custom written papers help writing a research paper viagra tablet

  55. Byalho says

    clomid 100mg sale albuterol over the counter real online casino

  56. Zasfih says

    purchase tadalafil for sale generic tadalafil 20mg order sildenafil without prescription

  57. Wyyidk says

    buy generic triamcinolone claritin 10mg uk clarinex price

  58. Wdnnio says

    priligy 60mg for sale cheap synthroid buy synthroid pill

  59. Kfccku says

    purchase cialis pill tadalafil us viagra 100mg us

  60. Ucntyn says

    order generic orlistat 60mg xenical 120mg ca zovirax order online

  61. Lcgskf says

    order cialis 20mg online inderal 20mg pill purchase clopidogrel pill

  62. Rtwzjg says

    zyloprim 100mg pills ezetimibe 10mg sale ezetimibe brand

  63. Dorclc says

    order methotrexate 5mg order methotrexate 5mg generic metoclopramide 20mg drug

  64. Bnhkls says

    purchase losartan pill topamax 200mg cheap order topamax 100mg for sale

  65. Nhcdtg says

    purchase lioresal pill ozobax us ketorolac for sale

  66. Qncdie says

    buy sumatriptan 25mg generic buy sumatriptan 25mg online buy avodart 0.5mg pills

  67. Enlmdy says

    colchicine cheap roulette online free play casino online

  68. Tdcjki says

    ranitidine 300mg pills meloxicam cost celebrex 100mg tablet

  69. Amyuzb says

    no deposit free spins casino free poker games casinos

  70. Npbvmh says

    buy tamsulosin 0.4mg pill flomax 0.2mg oral buy aldactone 100mg sale

  71. Fgzfqy says

    cheap cialis 10mg tadalafil 10mg pills ciprofloxacin cost

  72. Qxdnuq says

    simvastatin 20mg brand purchase finasteride generic order finasteride 1mg pills

  73. Omwlqk says

    flagyl 200mg sale flagyl 400mg sale brand bactrim

  74. Lirzxe says

    diflucan generic viagra drug order viagra without prescription

  75. Mitvnr says

    keflex without prescription cephalexin usa order erythromycin sale

  76. Baolxg says

    buy tadalafil 20mg online cheap buy cialis generic viagra 200mg for sale

  77. Gvpvnl says

    ceftin uk buy ceftin pills cheap methocarbamol

  78. Tpvtik says

    best online blackjack online casino real money tadalafil pill

  79. Phcwpb says

    buy desyrel 50mg without prescription order aurogra 50mg online cheap buy aurogra 100mg online cheap

  80. Lqeoif says

    essay helpers thesis writer stromectol 3mg cost

  81. Tvsxzf says

    viagra sildenafil 100mg sildenafil 150 mg lamotrigine uk

  82. Sfojtf says

    generic prednisone 20mg amoxicillin 500mg cost buy generic amoxicillin

  83. Pbrtjr says

    buy viagra online cheap viagra for sale online cialis for men

  84. Mibqen says

    purchase azithromycin for sale buy generic gabapentin 100mg buy generic gabapentin

  85. Riykys says

    free spins no deposit low cost ed pills tadalafil 5mg tablet

  86. Ilsrms says

    gambling game online blackjack real money cheap modafinil 200mg

  87. Hyaaeq says

    order lasix 40mg pills buy furosemide 100mg for sale plaquenil for sale online

  88. Ssyddk says

    order deltasone generic mebendazole 100mg usa mebendazole price

  89. Tvxowj says

    buy fildena online buy sildenafil 100mg pill rhinocort online

  90. Cxtwmu says

    tretinoin cream uk order avanafil 200mg online avanafil price

  91. Yzvivs says

    tadacip pills purchase indomethacin indomethacin 50mg oral

  92. Qbfxfp says

    terbinafine drug suprax 200mg tablet buy amoxicillin 500mg online

  93. Vwqopm says

    order biaxin 500mg for sale biaxin 250mg brand antivert without prescription

  94. Hgichu says

    order albuterol 100 mcg without prescription ciprofloxacin 500mg cost ciprofloxacin 500mg drug

  95. Squvdv says

    order montelukast 5mg without prescription viagra for women sildenafil 50mg over the counter

  96. Breukd says

    pioglitazone ca real viagra pills viagra pills 100mg

  97. Jzwdud says

    tadalafil 5mg tablet the blue pill ed order tadalafil 5mg generic

  98. Reizby says

    where to buy cialis Cialis dosage doubleu casino online casino

  99. fake online casino says

    casino slots games
    online casino hacks
    free casino slots online

  100. Tptpex says

    ivermectin new zealand order symmetrel for sale avlosulfon 100 mg oral

  101. Adtzdo says

    caesars casino online online poker best online poker sites for real money

  102. Thbczv says

    order nifedipine 30mg generic purchase fexofenadine online cheap buy allegra 120mg online

  103. Xdjuow says

    online blackjack live dealer essay buy online essays help

  104. Mdmrhf says

    altace 10mg over the counter arcoxia 120mg ca arcoxia cost

  105. Pedroelelf says
  106. Jamesvek says

    cialis tadalafil 5 mg precio espana comprar cialis

  107. Georgetoomb says

    cialis 5 mg precio cialis 5 mg en farmacia comprar cialis 5 mg

  108. Orzjri says

    asacol online order buy asacol generic irbesartan 150mg uk

  109. Zgchiq says

    olmesartan order buy benicar online divalproex 500mg without prescription

  110. Eijxpd says

    buy acetazolamide pill imdur online order azathioprine online buy

  111. Odmhsf says

    clobetasol online order cordarone 100mg ca buy amiodarone 100mg online cheap

  112. Samuelhig says

    п»їMedicament prescribing information. Read information now. generic viagra scam
    safe and effective drugs are available. Prescription Drug Information, Interactions & Side.

  113. Xmdmcb says

    order digoxin without prescription order digoxin without prescription molnunat 200 mg sale

  114. Vptddy says

    buy amoxicillin order amoxil 500mg stromectol order

  115. Rclrnd says

    order generic coreg amitriptyline without prescription elavil 10mg for sale

  116. Acpvhb says

    priligy 60mg for sale order avana 100mg online cheap domperidone 10mg drug

  117. AlbertPhync says

    All trends of medicament. safe and effective drugs are available.
    tadalafil soft gel capsule
    Commonly Used Drugs Charts. Get warning information here.

  118. Gjuxue says

    fosamax 35mg oral buy fosamax 35mg generic motrin 400mg canada

  119. Qarxsv says

    cheap indocin 50mg flomax 0.4mg pills buy generic cenforce 100mg

  120. AlbertPhync says

    Comprehensive side effect and adverse reaction information. Everything about medicine.
    buy cialis cheap prices fast delivery
    п»їMedicament prescribing information. Commonly Used Drugs Charts.

  121. Ivleim says

    nortriptyline 25mg sale order paroxetine 10mg online purchase paroxetine without prescription

  122. Qgontn says

    doxycycline buy online buy doxycycline 200mg generic medrol 16mg tablet

  123. Adxkug says

    order famotidine without prescription order generic prograf 1mg order mirtazapine 30mg generic

  124. Yqjcqt says

    buy tadalafil 10mg online tadalafil price buy amoxicillin 500mg sale

  125. Vvximy says

    buy ropinirole 2mg generic labetalol 100 mg drug labetalol 100 mg tablet

  126. Vbiflu says

    oral esomeprazole 40mg esomeprazole price buy lasix sale

  127. Uiyxaa says

    oral tricor 160mg viagra 100mg without prescription order viagra 50mg generic

  128. Hpctgk says

    minocycline for sale brand gabapentin 600mg terazosin 5mg pills

  129. Ilznkc says

    cialis medication Buy cialis viagra order online

  130. Yvtoby says

    glucophage canada buy tamoxifen sale nolvadex 20mg brand

  131. Yuuhkh says

    cialis 5mg over the counter cialis store best ed drug

  132. Pnxpjq says

    oral clomid 100mg buy generic lipitor 40mg prednisolone tablet

  133. Yogpcp says

    order modafinil 100mg online stromectol 3mg oral buy promethazine 25mg pill

  134. Fmiebh says

    accutane 20mg pills isotretinoin online order acillin canada

  135. Nxlycw says

    prednisone 10mg cheap oral amoxil 250mg amoxicillin 1000mg drug

  136. Qrakvm says

    ivermectin for humans for sale the best ed pill prednisone 5mg tablet

  137. Sfjpjb says

    best ed medication cost proscar order propecia 5mg generic

  138. Ujwqmg says

    accutane 10mg oral generic azithromycin 500mg zithromax 250mg oral

  139. Yuhpxv says

    buy ondansetron 8mg generic buy zofran 8mg pill bactrim usa

  140. Nbxqwh says

    buy albuterol order levothroid generic oral amoxiclav

  141. Ebleny says

    prednisolone 5mg tablet order prednisolone 10mg online furosemide 40mg cost

  142. 부산달리기 says

    You’re looking for model and booking? “부산달리기” visit my timeline for more details 😉 😉 ,

  143. ShawnTeace says
  144. Hzizas says

    modafinil 200mg for sale metoprolol 100mg oral buy lopressor 50mg online

  145. JasonOreby says

    купить птс

  146. Wvnizy says

    purchase monodox generic buy generic vibra-tabs acyclovir cost

  147. Kevinfret says

    схемы заработка

Leave A Reply

Your email address will not be published.