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Do tenants need payment protection for rent?

Insight analyst for Defaqto Ben Heffer has warned advisers to protect any vulnerable customers they have who are in the private rented sector.

Mortgage Solutions reports that he suggested these individuals should offer protection products that deal with more than loan charges.

They ought to explain to their clients how hard it would be for them to cope if they lost their income.

While payment protection insurance products are specific to a loan, short and long-term schemes could help people to cope with their other obligations.

"It is important that the industry gets the message across that income needs to be protected, even if you are just renting," the specialist remarked.

According to the National Landlords Association's recent Landlords Panel, 49 per cent of landlords have had tenants fall into arrears in the last 12 months.

Mr Heffer pointed out many members of the public are in a financially vulnerable situation and might not realise it.

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801417686-ADNFCR

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