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 Atto: Spotahome uses Atto, 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.

Atto 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
  • Payslip
  • 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 Atto:
  • 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 Atto
  • Savings Account: Same requirements as Atto
  • Payslip: check is successful if the monthly rent amount of the property you booked does not exceed 40% of your monthly salary amount.

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. However, you will need to share their contact details with us (Name, Surname, Email address and phone number).