Auto Legal Protection Services (ALPS), one of the UK’s leading providers of motor claims solutions, legal expenses and additional products, has launched a new rent guarantee product as part of a new initiative from the intermediary YourGuarantor to provide a guarantor scheme for foreign students in the UK.
Britain has a 13% share of the international student market – second only to the US. It is a growing market that contributes £7bn a year to the UK economy.
International student tenants in the UK have to provide a UK guarantor for their rent or are required by the letting agent / landlord to pay up to 12 months rent up front. Not only is this expensive but it also exposes the student to risk should there ever be a dispute with the landlord. Some Universities have their own guarantor schemes in place but these are underwritten by the university which exposes them to significant financial risk so they are usually offered to limited numbers of students and only guarantee low value tenancies.
The new facility from YourGuarantor is a web based platform where students can apply for a guarantor, combined with the insurance policy delivered by ALPS, and a support team which helps Universities to administer the product.
Matt Field, Sales and Marketing Director of ALPS, comments: “The number of international students studying in the UK is growing at a fast rate. Whilst most students tend to come from affluent families who can afford a year’s rent up front it is by no means possible for all. Until now there have been few policies on the market to answer this growing challenge for universities who clearly want to attract these lucrative students. We can now provide a policy which guarantees the landlords’ rent with limits set up to three times higher than has been available from Universities; it transfers any potential liability from the universities to the insurer, and offers Universities a USP to attract these students who can otherwise often struggle to find a UK guarantor.”
SJ Douglas at Spotlight Consulting on 07909 546104 or firstname.lastname@example.org
Vicki Roe at Spotlight Consulting on 07967 804140 or Vicki@spotlightconsulting.co.uk
Established in 1998, Auto Legal Protection Services – ALPS – is a leading provider of motor claims solutions, legal expenses and additional products to insurance brokers, networks and intermediaries throughout the UK. Based in Congleton, Cheshire, the company supports over 600 brokers and has over 40 staff. ALPS is authorised and regulated by the FCA.