Landlords urged to consider 'underused rental warranty'

News Category: Marketing

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Buy-to-let landlords are neglecting ways of protecting their income in the current financial climate, it has been suggested.

Stephen Ludlow, director of London-based lettings agent Ludlow Thompson, believes more landlords should consider rental warranty as an extra form of protection on top of tenant credit and reference checks.

Letting agents could find these services are in higher demand from buy-to-let borrowers as the recession is both increasing instances of rental arrears and putting pressure on some landlords' abilities to meet their mortgage repayments.

"No matter how rigorous your credit and reference checking of a tenant is, there is always the small chance that if they are made redundant they won't be able to pay the rent," Mr Ludlow said.

His comments come after Keshav Thukaram, managing director of residential lettings advice firm Smartlandlord.co.uk, encouraged letting agents to promote the need for rent protection insurance in uncertain economic times.

Many landlords are unaware that such financial options exist, he said.

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