Landlords seeking advice over rental arrears
News Category: Industry News
Published: 23-Feb-2009
This article was brought to you by Rentman the premium rent management software.
Rent collection software could be in demand as new figures from the National Landlords Association (NLA) have shown that 74 per cent of calls to its advice line are about problems caused by tenants defaulting on their payments.
Amid the current economic climate, rental income has become crucial for landlords as many are more reliant on prompt payments by tenants so they can meet repayments on their buy-to-let mortgages.
Rising unemployment in the UK is undoubtedly taking its toll of some tenants, which could be in turn be affecting landlords - some 2.32 per cent of buy-to-let mortgages were more than three months in arrears by the end of 2008, according to data from the Council of Mortgage Lenders.
"No landlord wants to serve notice on a tenant, but the reality is landlords are forced to do this when rental arrears becomes serious," said Richard Price, director of operations at the NLA.
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