Property News

Northwood Lettings say a guaranteed rental income scheme can ease the pressure for landlords
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Let Northwood Lettings ease your next move in Wokingham

By Lucy Allen
October 26, 2009

A Wokingham lettings agent is reminding landlords they can beat the doom and gloom in the buy-to-let market.

Nick Harris, of Northwood Lettings, says a guaranteed rental income scheme can ease the pressure for landlords, even in the current climate.

He says: “Two of the UK’s largest mortgage lenders, Bradford & Bingley and Lloyds Banking Group, have recently reported that 40 per cent and 28.5 per cent respectively of their buy-to-let customers find themselves in negative equity.

“Rent arrears have hit an all-time high, with tenants struggling to pay rent and landlords unable to sell without substantial loss.

“According to Business Development Research Consultants, some 30 per cent of landlords are contending with rental arrears and that figure is expected to rise.

“Economists fear that a rise in interest rates will put further strain on landlords already struggling to pay their mortgages through tenants falling into rental arrears.

“For many landlords the pressure is mounting and this will comes as sombre news.”

Harris says landlords can get peace of mind by going to an agent like Northwood, which offers landlords a Platinum guaranteed rental income scheme.

“This means we value your property and agree an annual rental figure, which although just slightly below the market rate, guarantees the landlord rent, regardless of whether the property is vacant or if the tenant falls into arrears.

“The rental risk factor is entirely transferred from the landlord to Northwood.”

Furthermore Northwood guarantee to start paying rent within 25 days, sooner if they find a suitable tenant.

Harris says: “Thousands of landlords up and down the country are renting risk-free through Northwood’s national network of offices.”