One of the biggest issues for you as a landlord is likely to be whether your tenants pay the rent on time, or indeed, if they pay at all. There are ways to solve this problem, a common one being to demand 6-12 months’ rent in advance.
This isolates those who cannot afford to pay such a large lump sum, however, and subsequently limits your market. So what else can you do to ensure you receive your rent on time, and help your business thrive?
Having a rent guarantor in place eases your worries about being paid on time, and provides an effective method of securing your income as a landlord. Parents often become guarantors for their student or newly-employed children, but there may be other reliable options.
The general eligibility criteria for rent guarantors, include:
- Being aged between 18 and 75
- Being resident in the UK
- Having a good credit history
- Being able to afford the tenant’s monthly rent
Rent guarantors become legally liable if your tenant falls behind with their rent, and provide a reliable second ‘point-of-contact’ to recover any arrears. In some instances, they may also become liable for damage that’s caused to your property by the tenant.
But what happens if a prospective tenant cannot offer a suitable guarantor, and isn’t able to pay several months’ rent in advance?
Ezylet Rent Guarantor Service
Ezylet provides a comprehensive Rent Guarantor Service that allows you to run your business with confidence, knowing the rent will be paid regardless of your tenants’ financial circumstances.
The service is particularly useful if you rent to international students, as it’s less likely that someone from abroad will have a family-member in the UK to guarantee their rent. Our scheme is also open to applications from tenants in a wide range of circumstances.
Who qualifies for the Ezylet Rent Guarantor Service?
- Students born in the UK and abroad
- Tenants renting for 12 months
- Tenants employed full-time or part-time
- Those with a poor credit history
- Tenants in receipt of Housing Benefit and in part-time employment
As you can see, we exceed the general eligibility requirements mentioned earlier, by including tenants in less favourable circumstances, such as those with a poor credit history. This helps you to widen your marketing ‘net,’ and advertise to a broader range of people.
Advantages of using the Ezylet Rent Guarantor Service
- There’s no risk of loss of rent
- You don’t have to chase rental payments or recover arrears, saving you time and money
- The expenses of renting out your property are covered
- Costs are tailored to your requirements
- The service is open to applications from students at home and abroad, as well as working professionals
Rent guarantor services really do make your job as a landlord much easier. They take away the doubt that you’ll be paid, and allow you to plan ahead with more confidence knowing your rental income is assured.