Tenants struggling with paying rent

How do Landlords overcome situations where their tenants are struggling with paying rent?

News being posted by Letting Agent Today with the article entitled “Landlord mortgage arrears set to rise as tenants struggle with paying rent” supports the need for a service where Landlords will feel absolutely 100% assured of rental income!

Paul Jardine, Director and Receiver at Templeton LPA has indicated that there is a growing minority of tenants struggling to pay rent.  He has continued to say “while the wider tenant mix has changed since the mortgage market downturn, a growing number of tenants are seeing their job prospects affected by the UK’s economic malaise.”

Jardine continues to say “The growing level of severe tenant arrears has yet to filter through into mortgage payment problems for landlords.“Mortgage rates have kept monthly payments low, but there has also been a change in landlords’ behaviour. With capital gains falling by the wayside in the past six months, rental income has become the most important component in an investor’s annual return – but it also pays a landlord’s mortgage cheque.

“As a result, many landlords are being less lenient with tenants struggling with paying rent, and are looking to use court orders to replace tenants quickly in expectation of finding a financially sound substitute – and potentially an increased rental income.”

Lettingaproperty.com recognizes the uneasiness the rental market is having on landlords who want to ensure their rental incomes are safe.

Jonathan Daines, Director of lettingaproperty.com states… “With similar news and statistics being researched by ourselves at lettingaproperty.com, we believe our Gold and Platinum Services are the way forward to protect landlords in the rental market from this type of bad news.”

“We take away the hassle of rent collection by doing the following:  firstly we secure deposits into a deposit scheme that is fully protected. Secondly, we remove any uncertainty of tenants struggling with paying rent by setting up a direct debit and once receiving the rent we automatically send it to the landlord’s bank account with a monthly statement.  If payments are indeed missed, we follow up with the tenant officially on the landlords behalf.  Lastly, we can also guarantee the Landlords rent for up to 12 months.  This guarantee covers you for up to £10,000 per month and up to £25,000 legal fees should you require going all the way and reposes your property”

Although the news is not all positive, there are companies like lettingaproperty.com that are quickly adapting to the market conditions and looking to protect their clients, the Landlord, for any eventuality.

Visit www.lettingaproperty.com for more information on their Gold and Platinum Services or call the team on 0844 567 0578 to understand more.