Letting agents urged to promote rent protection

News Category: Industry News

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A landlord advice company believes letting agents are often too complacent about promoting the need for rent guarantee insurance in the current economic climate.

This form of protection can assist landlords in battling the threats of rental arrears, voids and repossession, but many are not aware that this option exists, says Smartlandlord.co.uk,

Keshav Thukaram, managing director of firm, said tenants are failing to pay their rent, causing mortgage debt in the private rented sector to increase.

Figures published by the Council of Mortgage Lenders last week showed the value of buy-to-let mortgage lending outstanding was £13.8 billion at the end of 2008, compared to £12.1 billion a year earlier.

The mortgage industry trade association said some landlords will be benefitting from high tenant demand in many areas of the UK and lower mortgage costs after interest rate cuts by the Bank of England.

However, Mr Thukaram warned: "In uncertain times, landlords need to protect themselves."

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