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Enhancements to our Decision Logic

Feedback from our agents on certain tenant scenarios has been reviewed and Letsure is pleased to make the following enhancements to our current Decision Logic with immediate effect:

Proven foreign income
(i.e. salaries)

We now accept income from outside the UK as part of a tenant’s affordability calculation. This can be for a tenant who is working here, probably for a foreign company, and still receiving pay from their native country. The following conditions apply to any tenant coming to the UK, but working for a non-UK company:

• They must have been employed with their current company for over 12 months
• A copy of their passport must be kept on file
• Full employment reference will need taking, including copies of their contract of employment

We will now also consider income from Trust Funds. Applicants should provide any supporting documentation to confirm income i.e. Fund statements, accountant’s reference supporting the payments.

Dividend Payments

Dividend payments can now also be taken into account when assessing an applicant’s affordability. Some applicants will be in receipt of Dividend Payments (usually biannually). These Dividends are paid either by cheque or straight into the individual’s bank account.

Dividends will only be considered as acceptable forms of income under the following conditions:

• Proof of investment income over the last 3 years must be seen and it must be consistent
• Proof can be provided by means of a copy of the tax return, relevant bank statements, accountant’s reference or copies of dividend advices.

Tenants on short term contracts

We will now accept tenants who are on a short term contract. The following conditions apply:

1. They must have an acceptable risk score (ie 53 or greater) and have no CCJs or bankruptcies registered against them
2. they have an acceptable employment reference for duration of the contract
3. a P60 must be provided, confirming income for the previous financial year
4. they must be able to show that they have been continuously employed for the 12 months prior to their current contract (this can be made up of short term contracts). Acceptable Documentary Evidence includes bank statements showing monthly credits, or salary slips.

Tenants coming from overseas to work in blue chip companies

Tenants coming from overseas to work in UK-based Blue Chip Companies can now be assessed and accepted, subject to the following conditions:

1. a P60 must be provided, confirming income for the previous financial year
2. an acceptable reference is obtained from the UK-based employer, confirming all the usual information
3. the applicant provides 6 months salary slips or bank statements to show monthly credits

Overseas tenants with acceptable employment references

We can now accept tenants coming from abroad to work and live in the UK on the understanding that their employment reference is positive and all questions/answers within this reference are acceptable (i.e. no probation periods to be worked etc).

Unfortunately, we cannot accept these particular cases for our Legal and Rental Protection policies, therefore all conclusions to these cases will read:

"Accept. We deem the applicant acceptable for tenancy, but please note that Letsure is unable to offer any legal and rental protection policies on the back of this reference".

In ALL cases, we would request that all supporting documentation be submitted at the time of referencing as each case will be looked at in isolation and it is necessary to see all relevant documentation.

If you would like any further information on the enhancements, please contact Customer Services on 08700 777 808 or lsmith@letsure.co.uk