2 Dec

Buy to let owners to take advantage of protection scheme discount

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.ADNFCR-1222-ID-800267831-ADNFCR

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