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'Reluctant landlords' urged to protect their income
British consumers increasingly turning to the buy to let sector as 'reluctant landlords' in order to make some extra money have been advised to consider having income protection cover.
This is because the recession is still continuing and the tenants who are supposed to provide that extra source of income may suddenly find themselves out of a job leading to loss of earnings for the landlords.
It is therefore vital for consumers to ensure they have adequate landlord insurance in place to cover against such an eventuality and prevent losses, according to consumer website moneysupermarket.com.
According to the organisation's head of home and motor insurance Steve Sweeney: "If things go badly wrong and legal proceedings commence, the associated cost can be hefty.
"Whether you are downsizing your property to save money or are a reluctant seller waiting for the property market to pick up, it is essential to have sufficient insurance cover for any financial losses," he recommended.
Nearly five million property owners have considered renting out their homes or taking in a lodger in a bid to get extra money, recent research by Unbiased.co.uk showed.
Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.
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We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £349