We have a flat that we let out to a young couple (1 is a postgrad student). So far they are great tenants, no problems with paying the rent. The agent we use are ok, but not as good as they were when we first started using them. With the current threat to jobs and incomes due to the coronavirus I have been thinking about how we can support our tenants and reduce the worry about paying rent if times get hard.
In the first instance it is business as usual. But, I want to be flexible with them. The mortgage is about to be reduced because of the reduction in interest rates, we could also ask for a payment holiday from the lender. This would allow us to discuss the rent with them and reduce it or pause it while the worst of virus and it's impact on the economy passes.
So what I want to know is how have other landlords managed the tenants when times get tough and what are you planning to do this time?
If you rent your home then I would appreciate a bit of advice on how to approach this with the tenant. We live in difficult and uncertain times and at the moment we are in a position to help someone else if we can, but I don't want them to take the p1ss or not feel they can approach the situation in an honest and transparent fashion.
