The new proposition allows agents to purchase stand alone tenant referencing and then pick any of SourceLet’s rent guarantees after the referencing process is completed.
SourceLet’s rent guarantees cover up to £50,000 of unpaid rents and legal expenses, has a six months nil excess to monthly rent guarantee and provides agents/landlords with the first right to the deposit if the tenancy gets into a claim.
Kevin Paterson, Source MD said: “The lettings market is counter cyclical to the mortgage market and both perfectly complement one another. We believe that the best brokers understand this and have a foot in both camps.
“We designed the SourceLet product so that letting agents and brokers can get the most out of this growing market. With the rental sector expected to grow at 20% a year for the next five years there has never been a better time to enter the market.”
Other highlights of the SourceLet proposition sees the product cover up to £50,000 of unpaid rents and legal expenses with no limits on monthly rents, have no imposition on tenant type and cover both periodic tenancies and existing tenants.
SourceLet will be launched to the broker market next week before being rolled out to letting agents in January 2014.
