It’s hardly news that the UK is facing a cost of living crisis, with fuel, energy and food all among the daily essentials which are increasing in price as inflation rises to a four-decade high of just over 10%. And, at the time of writing, industry regulator Ofgem was poised to announce a new energy bill price cap that could see bills soar to almost £3,600.

Meanwhile, average rents across the country have reached record levels, jumping by more than 20% in some areas.

All of these costs and increases are, of course, the responsibility of your tenants. However, that doesn’t make all the various hikes their headache alone. The crisis could leave some renters seriously struggling to pay their rent each month, on top of rising food, heating and other costs. (One estimate, for example, had it that, by the end of 2022, the average renting household will be spending a previously unheard-of 54% of their post-tax income on rent and household bills.)

And if tenancies do fall into rent arrears, then unfortunately that is clearly very much an issue for the landlord as well. If you receive no or less than full rent, that can obviously have a significant impact on your own income, and, potentially, your ability to meet mortgage payments on the property you’re letting out.

How landlords can protect themselves this winter

The coming autumn and winter are likely to be tough periods for many, including for those who rent privately. But, if you’re a landlord, there are things you can do to protect your investment.

These include, for example, making your house as energy-efficient as possible, plus encouraging your tenants to claim any and all government help to which they may be entitled.

It’s also worth considering protecting yourself with rent and legal insurance cover. The good news is that if you take this out with us at Oakfield, our policy offers wide-ranging benefits for landlords should your tenants run into problems. These include:

  • Indefinite cover – i.e. your rent will be paid in full until you get your property back in the event of serious issues with tenants.
  • The protection we offer is backed by the property brand Rightmove – one we know from previous experience that our landlords trust.
  • Legal costs paid in full should you experience any breach of your tenancy agreement.
  • An extra 50% of the rent will be paid for three months if it turns out that you can’t re-let the property due to damages or neglect your tenant or tenants have caused.
  • Up to £50,000 can be paid out on any single claim made on this service.

Talk to us

Get in touch today for an informal chat about how our policy could provide protection (and, most importantly, complete peace of mind), for your buy-to-let investment this winter. We’ll gladly answer any questions you may have about our cover for landlords.