2
Dec
Buy to let owners to take advantage of protection scheme discount
Buy
to let owners may wish to take advantage of a protection scheme
discount, which allows landlords to safeguard their tenants'
deposits.
Usually costing £57.50, mydeposits.co.uk has now slashed the
cost of the insurance-based tenancy deposit protection scheme to
£10, offering potentially huge savings for landlords.
Furthermore, buy
to let owners will be able to protect the deposits of their
tenants, while holding on to the funds if that is what they
require.
Eddie Hooker, chief executive of the site, also explained investing
in the protection programme discount can speed up the process at
the end of a renter's tenancy.
He said: "Landlords can take control over the safeguarding of the
deposit, which evidence now shows dramatically improves and speeds
up the end of tenancy relationship with the tenant where there is
no dispute."
From October 1st this year onwards, buy
to let homeowners with tenancies up to £100,000 per year
have automatically defaulted to an assured shorthold tenancy,
meaning their deposits may have to be properly protected.