Tenants borrow to pay deposits

According to data from My Deposits, four out of ten tenants have to borrow money to pay for a rental property deposit. A quarter of those borrowing for deposit go to their parents for the money, ten percent borrow from friends, and eight percent get it from a bank or for a dastardly payday lender.


The data underlines the high percentage of tenants who appear to be living a hand to mouth existence. The concern for landlords is without any rainy day savings what happens if something goes wrong?

Landlords need to make sure if a tenant stops paying rent then they still have enough reserves to meet BTL mortgage repayments.

Keep a war chest, because it appears that many tenants haven't even got a piggy bank. 

Read more at MyDeposits

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