This step of the verification process is needed to ensure that you have the financial means to meet your rental payment obligations.
Demonstrating solvency is essential in assessing a tenant's financial capability, ensuring the reliability of rent payments, and prioritising qualified applicants.
Rest assured that your documents and financial information will be stored securely and in compliance with GDPR regulations
Methods to complete the Solvency Check:
Spotahome provides tenants with two options to complete this step of the process:
- Open Banking via DirectID: Spotahome uses DirectID, a platform that allows us to verify the ownership and status of bank accounts by securely connecting to your online banking platform.This helps to establish the legitimacy of financial information provided by tenants and evaluate your affordability.
DirectID is the easiest and fastest option, as it is a completely automated process, for which you will only need your phone to access your bank’s open banking platform.
- Upload Proof of Funds onto your Tenant Profile: You can upload financial documentation directly into your Tenant Profile. Documents accepted are:
- Bank Statement
- Savings Account
This is a much more time consuming approach as it requires you to find the documentation, and wait for our team to review it.
Requirements for a successful Solvency Check:
Requirements differ depending on the method chosen to complete the process:
- Open Banking via DirectID:
- Check is successful if you have enough savings in your bank account to cover the majority of your booking’s total contract value (number of months x monthly rent price)
- Proof of Funds uploaded through the Tenant Profile:
- Bank Statement: Same requirements as DirectID
- Savings Account: Same requirements as DirectID
- Payslip: check is successful if your net monthly salary covers the monthly rent price of the property you booked.
Multiple users can also take part in this step
If you've identified in your Tenant Profile some additional users to be part and/or to support your payment obligations - ie flatmates, family members, companies, institutions -, we are also willing to accept their open banking checks or documents as a proof of solvency for this booking.