Monthly rent limit
Rentmigo's obligation under each agreement is limited to the monthly rent declared at the start of the guarantee period, up to a maximum of approximately £8,000 per month. If rent increases during the term, the obligation adjusts provided the cumulative increase does not exceed 10% of the original monthly rent.
Maximum aggregate limit
The most that can be paid under any single Rent Guarantee Agreement is £100,000. This is the total across all monthly payments made under the agreement over its full term.
Duration
The guarantee period runs for up to 3 years from the start date of the Rent Guarantee Agreement. Rentmigo's obligation extends to up to 12 months of rent arrears within that period.
An example
If the declared monthly rent is £2,000 and the tenant falls into arrears for several consecutive months, Rentmigo's obligation is up to 12 months' worth of arrears (£24,000 in this example), subject to the terms of the agreement and the £100,000 aggregate limit.
Where to check your limits
Your specific limits are stated in your Rent Guarantee Agreement and on the guarantee certificate available through your Rentmigo landlord dashboard.