Jordan's rolls out its On Time Rent scheme

A North-West company is rolling out nationwide its insurance scheme, designed to help landlords frustrated by late rental payments. 

In 2004, On Time Rent was developed by letting agent Jordan’s.  More than 75% of clients now use the scheme which guarantees that landlords will be paid rent on the same day each month, regardless of whether the tenant pays.
 
The scheme also protects landlords from unforeseen legal costs.

Robert Jordan, chairman of Jordan’s and past president of the ARLA, said: “Our landlords had been finding it difficult to keep up with mortgage payments with an increasing number of tenants paying their rent late. Even just a couple of days can have a real effect on cash flow.

“The scheme has been so popular that many landlords insist on having the On Time Rent scheme.”

With On Time Rent, legal costs are covered for up to £50,000. The rent is guaranteed for up to six months if the tenant is in arrears. The minimum rent covered under the scheme is £400 and the maximum is £5,000 per month.

Gilson Bailey Lettings of Norwich have now signed up to the scheme and David McMaster, director, said: “We have already received instructions from 17 clients who all see the benefit of having their rent paid on time. We are looking forward to offering the scheme to many more clients.”

On Time Rent has partnered with insurance  specialist Letting Agent Solutions, who will be marketing the scheme to letting agents in England and Wales.