EXCLUSIVE: Source to launch SourceLet

The proposition allows agents to buy stand alone tenant referencing and then pick any of SourceLet’s rent guarantees after the referencing process has been completed.

SourceLet’s rent guarantees cover up to £50,000 of unpaid rents and legal expenses, has a six months nil excess to monthly rent guarantee and provides agents and landlords with the first right to the deposit if the tenancy gets into a claim.

Kevin Paterson, Source managing director, said: “The lettings market is counter cyclical to the mortgage market and both perfectly complement one another. We believe that the best brokers understand this and have a foot in both camps.

“We designed the SourceLet product so that letting agents and brokers can get the most out of this growing market.

“With the rental sector expected to grow at 20% a year for the next five years there has never been a better time to enter the market.”

The SourceLet proposition has no limit on monthly rents, no imposition on tenant type and covers both periodic tenancies and existing tenants.

The proposition will initially be launched to brokers in September before being rolled out to letting agents in January 2014.