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Has anyone had success with Social Lending?

E.g Zopa? I've heard that you can get very good returns but worry that it's too risky. Can anyone provide any advice?

Asked on Jun 22 2009, Home Finance in London | Report content

Answers (1)

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  • Tenants who are receiving Housing Benefits are proving somewhat problematic so far as Landlords are concerned. Previously Housing Benefit was paid to the Landlord direct but under the Blair ideology, he wanted everyone to be empowered to make their own decisions, unfortunately and wihout being a broad generalisation, for many receiving the Monthly Rent direct has proved difficult to manage and has resulted in rental arrears increasing. The only solution to this and one to remember if you are intent on buying property for investment and accomodating tenants who are paid HB is if after 3 months rent has not been paid, a section 108 is served and sent to both the tenant and copied to the local authority who might then be persuaded to pay the HB directly to you therefore negating the risk of non payment.

    Answered on Jun 26 2009, Report content

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