The Lettings Hub has launched a new product to help letting agents and landlords secure tenancies faster.

The proptech brand’s new Professional Guarantor product gives agents an alternative for tenants who may struggle to provide a suitable guarantor such as students, those new to the UK, or people with limited credit history.

Instead of risking delays or tenancy fall-throughs, agents can now offer a secure professional guarantor service backed by a trusted insurer and integrated directly into The Lettings Hub’s BOX tenancy management platform and tenant referencing services.

Under a Professional Guarantor agreement, The Lettings Hub acts as a guarantor for the tenant, covering rent arrears for 12 months, up to £5,000 property damage protection, and legal fees for eviction following non-payment of rent.

Heidi Shackell, chief executive of The Lettings Hub, said: “We’ve listened to our agents, who told us that missing or unsuitable guarantors were holding up deals and costing them time, and their tenants more anxiety over securing homes.

“Our Professional Guarantor product solves this by offering a compliant, flexible solution that protects landlords while giving more tenants the opportunity to rent.

“This development is shaped not only by client feedback but also by our understanding of how the Renters’ Rights Bill is set to impact affordability and access to housing in the months ahead.

“We believe tenants should be able to secure great homes they love, and landlords should be able to protect their income and investment. Professional Guarantor supports this by helping letting agents to create stable, low risk tenancies.”

“Agents already using the product are reporting improved application-to-tenancy conversion rates and reduced fall-throughs, particularly for student lets and re-location tenants.”