On the face of it this looks to be a really good idea for tenants - one weeks rent plus just under £60 and then £17.50 a year - compared with the traditional big lump sum of 5 weeks rent for deposit plus the 4 weeks in advance is a big chunk of money these days for tenants to find. I’m considering using it - but would be interested to hear other landlords experience or indeed from tenant perspective. Many thanks.
How do you know they will carry on paying for it? If a tenant cannot find 5 weeks deposit then I do not want that hand to mouth tenant
it’s actually lower than it used to be before it was capped at 5 weeks. I’m with Colin. Any applicant who cannot save that much isn’t going to have the margins needed to cope with life as a tenant. I once had an applicant who, in the middle of the viewing when I asked her to confirm she would need to pay 5 weeks+a month in advance said, I’ll be able to borrow that by the end of next month. I saved her the bother…
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