Bonding and Bonded
Usually through a professional body, an agent arranges and maintains Client Money Protection Insurance which in the event of dishonest or fraudulent misappropriation of clients’ money the monies will be reimbursed. The Board of The Dispute Service set the minimum criteria for the extent of cover.
Typically if the initial fixed terms duration is a year or more a clause can sometimes be inserted in a fixed term tenancy. This clause allows a tenant to leave the property before the tenancy period has come to an end and the tenant doesn’t incur any financial penalties.
This type of mortgage is specific to those who buy a property with the intention of letting once purchased.