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Find the right landlord insurance for your properties

At Yomo Finance, we understand the unique challenges and responsibilities that come with being a landlord. Protecting your investment property and safeguarding your rental income is crucial, which is why we offer comprehensive landlord insurance solutions tailored to your specific needs. Call our team in Aylesford today to get started.

What is landlord insurance?

Landlord insurance is a specialised insurance policy designed to provide protection for property owners who rent out their properties to tenants. It covers a range of risks and potential liabilities that standard homeowner's insurance policies may not cover.

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What will my insurance cover?

Our landlord insurance policies offer a variety of coverages to ensure your investment property and rental income are protected, including:

  • Building insurance - Covers the cost of repairing or rebuilding your rental property in the event of damage caused by insured perils such as fire, storms, floods, or vandalism.

  • Landlord liability insurance - Provides protection against legal claims and compensation costs if a tenant or visitor is injured on your rental property due to your negligence.

  • Loss of rent cover - Compensates you for lost rental income if your property becomes uninhabitable due to an insured event, such as a fire or natural disaster.

  • Accidental damage cover - Covers the cost of repairing accidental damage caused by tenants, such as spills, broken windows, or damaged fixtures.

  • Legal expenses cover - Provides coverage for legal costs associated with disputes with tenants, such as eviction proceedings or rent arrears.

  • Emergency assistance cover - Offers 24/7 access to emergency services, such as plumbers, electricians, or locksmiths, in the event of an emergency at your rental property.

  • How much can I borrow?
    A typical mortgage applicant can expect to borrow four and half times their annual income. This should not be affected by your employment type unless your income is low or you have a poor credit score.
  • What deposit will I need?
    There is no specific deposit requirement needed by self-employed applicants and the minimum deposit usually needed for a standard residential mortgage is 10%. That being said, with a short trading history, you will increase your chances of securing a mortgage if you are able to offer more than the minimum deposit requirement. This can also give you access to more competitive mortgage rates.
  • Do I have access to the Help to Buy scheme if I’m self-employed with one years’ accounts?
    All of the government home ownership schemes were created to help those applicants who would struggle to get a mortgage under normal circumstances. This extends to self-employed applicants and, although there will certainly be less availability if you have fewer years of accounts available, Yomo Finance will be able to help you. All of the government home ownership schemes were created to help those applicants who would struggle to get a mortgage under normal circumstances. This extends to self-employed applicants and, although there will certainly be less availability if you have fewer years of accounts available, Yomo Finance will be able to help you.
  • What documentation is needed for a self-employed mortgage application?
    Tax returns, business accounts and possibly a reference from an accountant. This all depends on whether you are a sole trader, a director of a Limited Company or are in a partnership.
  • How many years of accounts do I need to provide?
    Usually, two to three years of accounts. However, you can get a mortgage with one year's books.
  • Can I get a mortgage if I am a contractor or freelancer?
    Yes, but you may need to provide more evidence of income stability. Typically you would need 12 months history.
  • How do lenders assess self-employed income?
    They typically look at your average income over the past two to three years.
  • What can I do to improve my chances of getting a mortgage as a self-employed individual?
    Keep thorough records, pay your taxes on time and maintain a good credit score. You should also limit the amount of expenses you put through in order to maximise your income.
  • Are there specific lenders that specialise in self-employed mortgages?
    Yes, some lenders are more flexible with self-employed applicants.
  • How does fluctuating income affect my mortgage application?
    Lenders prefer stable and predictable income but may consider averages.
  • What is the impact of a limited company structure on getting a mortgage?
    Your income may be assessed differently, focusing on salary and dividends.
  • Are interest rates higher for self-employed mortgages?
    They can be, depending on the perceived risk by the lender but most do not charge higher interest rates for self-employed applicants.

We’re highly recommended

“I really appreciate Ben Groves for sorting out my mortgage, he has been a great help, and given me the best advice. Well Done Ben.”

- Janet Groves, Google review
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Don't leave your rental property vulnerable. Contact Yomo Finance in Aylesford today on 01634 949555 to discuss your Landlord Insurance options and take the first step towards safeguarding your investment.

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15 Old Chatham Road, Blue Bell Hill, Aylesford, Kent, ME20 7EZ

01634 949555

Your home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.

Some forms of buy to let mortgages are not regulated by the Financial Conduct Authority.

A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.

Yomo Finance Limited is an Appointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority.

Yomo Finance Ltd is registered with the Financial Conduct Authority under number 1007159

The information contained in this website is subject to UK regulatory regime and is therefore intended for consumers based in the UK.

YOMO FINANCE LIMITED registered as a limited company in England and Wales under company number:  15250199 

Registered Company Address:  The Hive @ Edenwood Place 15 Old Chatham Road, Blue Bell Hill, Aylesford, United Kingdom, ME20 7EZ

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