Martin & Co in Welwyn & Hatfield is advising residential landlords not to fall victim to the credit crunch by ensuring their rental income is properly protected. Last month the National Landlords Association (NLA) published research showing that 71 per cent of landlords expect rent arrears to increase during 2009.
Alan Byrne, Director of Martin & Co Welwyn & Hatfield said: “As the UK’s number one letting agent we pride ourselves on providing landlords with homes to let or tenants looking at houses to rent with a responsive and caring service.
“Unemployment has reached the highest level in 11 years and the latest research from the NLA shows many landlords are understandably concerned about the effect the credit crunch is having on their tenants’ ability to pay their rent. In times of uncertainty it’s good to have business partners you can rely on. We are delighted to be working with HomeLet, the principal provider of credit referencing and Rent Guarantee insurance products to the UK lettings market.”
In 2007 HomeLet paid out £2.7 million in Rent Guarantee claims and this figure is expected to rise even further during the next 12 months. Landlords who fail to insure their rental income could find themselves in serious financial difficulty and risk having their property repossessed if they fail to keep up with their mortgage repayments. It is more important than ever for landlords to make an informed decision when choosing a suitable tenant based on their ability to pay the rent.
Alan Byrne- Director
Martin & Co