Many young people can only afford to rent somewhere with a partner or friends ( dubbed Generation Rent )
Many young people in the UK cannot afford to buy a property - so instead leave their parents home & go rent somewhere with a partner or friends ( dubbed Generation Rent )
However, if they do not have sufficient savings for a mortgage deposit - do these new tenants therefore maybe not have any backup savings to cover 1 or 2 months rent plus bills etc; ?
So what would happen to those monthly Rental Payments if just one person renting falls ill, has an accident or is hospitalized & has no 'Back Up Plan' ?
" Here are some general vague responses or answers given to us over the years......."
- I think work has some sickness type scheme - but not sure exactly what or how much
- I am sure my friend would help cover the monthly rent if I was off ill
- Ask the Landlord to use our rental deposit to help cover the rent shortfall
- Explain the situation to the Landlord .... I am sure they will sympathize, he's rich
- Would take out a loan, extend the credit card or overdraft
- The Bank of Mum & Dad will help cover them
- My Car Insurance policy will pay me a regular income if have a car accident
- Dad's life insurance policy will cover me if I am off sick, I think he said
- The Government will help out .....Statutory Sickpay
- Would consider taking out accident & sickness income insurance plan to help cover the rental payments & bills - but naturally only when I need to. I will think about it.
What may actually happen is maybe more realistic or scary.....
- Get into Rent Arrears
- Taken to Court
- Bad Credit Profile
- Maybe Get Evicted !
If a mortgage has the warnings :
"YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE".
Should your paying rent have the warnings :
"YOU HOME MAY BE REPOSSESSED BY THE LANDLORD OR HIS MORTGAGE COMPANY - IF YOU DO NOT KEEP UP PAYMENTS ON YOUR RENT".