Three quarters of UK tenants not asked to provide proof of income
A new industry report commissioned by tenant referencing and insurance agency Landlord Secure has found that landlords and letting agents in the UK are failing to complete sufficient financial checks on new tenants. The research found that 75% of new tenants were not asked to provide proof of income and only 35% were asked to provide evidence that they had an active bank account at all.
Such findings paint a worrying picture, suggesting that landlords are being put at risk of becoming stuck with tenants who are signing leases that they can’t afford in the long term.
A further, and perhaps the most surprising, finding was that only 52% of tenants were asked to provide proof of identity, something which should be standard information on every application for a rental property.
Full story available from PropertyWire: http://www.propertywire.com/news/uk/majority-tenants-uk-not-asked-provide-proof-income-half-id/