Editor's note: This brief was summarised by The Property AI Team from a report by Letting Agent Today. Read the original article for full details.
Foxtons Highlights Need for Wider Guarantor Access for Overseas Tenants
Foxtons is offering a third party guarantor service to assist applicants who may not meet traditional guarantor requirements. The agency reports that 63% of its tenants are from overseas and may lack established UK-based financial references or access to a traditional guarantor.
This development is relevant for UK letting agents and inventory clerks working with international tenants who face challenges in meeting standard referencing criteria. Foxtons' approach aims to address these barriers by providing an alternative guarantor solution.
Source: Letting Agent Today