Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
After joining the EU in 2007 Romanian had UK work restrictions lifted 1st January, 2014 so their citizens were allowed to work in England 12 months of the year. Many started in the Horticultural Industry, and worked all hours under the sun.
Fast forward five years and there is a much larger percentage with contracted full time employment moving from Zero Hours contracts, with no guaranteed income. Hence, if they are looking to rent the Agent is able to purchase a Rent Guarantee product from an Insurance Company. No Insurance Company will underwrite a Zero Hours Contract Worker. It makes no difference if you turn up with pockets bulging with cash.
If HM Government decides to provide an Insurance Product that is a matter for those in Whitehall, but they should be aware that the Rent Insurer takes just one hour to approve or decline an application. It is no good HM Government saying we are short of staff and it will take four weeks to process.
The Delivery has to be immediate (by which I mean one hour).
I came out of Housing Benefit in 2014. A young lady and toddler wanted a house and the Council was to provide a Deposit Bond. However, it was to be four weeks before the Council would be able to process the application.
I let the house to a working couple with a Rent Guarantee!
That is the Real World!
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