Rental Guarantee??

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  • Rental Guarantee??

    I wonder if somebody could please just clarify the two different meanings of this.
    I understand that one such scheme covers the landlord should the tenant fail to keep up payments and the other whereby an agent can offer a scheme that gurantees a monthly payment even if the property is empty.

    Am I right above?
    What are the costs of such schemes?
    Does anybody recommend a particular scheme for either/both?
    Ambition is Critical

    I don't profess to be a knowledge in all areas, my advice is based on life experience.

  • #2
    Rent Guarantee

    Most of these schemes cover rent and legal expenses if the tenant defaults or you need to take him to court.
    Your tenants must pass quite stringent credit checks and referencing and there is usually one month's excess on the policy.
    One scheme I'm aware of costs £100 for 12 month's cover, regardless how many tenants you have in that time.
    They are a very good safeguard if you are dependent on income to pay off a mortgage.

    Comment


    • #3
      Originally posted by Editor View Post
      Most of these schemes cover rent and legal expenses if the tenant defaults or you need to take him to court. What if the property is empty and not a problem with a tenant?
      Your tenants must pass quite stringent credit checks and referencing and there is usually one month's excess on the policy.
      One scheme I'm aware of costs £100 for 12 month's cover, regardless how many tenants you have in that time.Could I get a link or a name of a company please, this sounds quite reasonable.They are a very good safeguard if you are dependent on income to pay off a mortgage.
      Thanks In advance
      Ambition is Critical

      I don't profess to be a knowledge in all areas, my advice is based on life experience.

      Comment

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