Canopy and Housing Hand announce exclusive new partnership

The UK’s leading rental guarantor service Housing Hand and revolutionary renting firm Canopy have announced a new partnership that will further both companies’ mission to reduce barriers to private renting.

The partnership will see Housing Hand support renters who would otherwise be ineligible to move home. As a result, an increased number of tenants who were previously locked out of the housing market, will now have the ability to find and move into their new home. While doing so, they will also be able to enjoy the vastly simplified renting process that Canopy provides.

Nearly 9% of all Canopy references over the last year required a Guarantor. No doubt this number will only increase even more over the next few months given the current economic climate. Canopy has already seen this number jump to over 12% in the last 3 months.

Housing Hand has operated as the market leading guarantor services provider for over nine years. It has provided continuous services through the most turbulent times, maintaining a 100% record of pay-outs for all valid claims. The company is backed by a strong financially rated UK insurer, to underwrite its rent default liability, and has partnered with and served over 7,000 accommodation providers. During that time, Housing Hand has processed more than 80,000 tenant applicants and guaranteed over £600m worth of rent. The company’s focus is on opening private renting to a wider pool of individuals by removing traditional barriers.

Canopy, meanwhile, is on a mission to revolutionise renting. The company provides an ecosystem for renters, letting agents and landlords, improving the lives of rental households by providing access to tools, services and products that fix pain points and enable them to improve their financial health.

From July 2022, Housing Hand will be working with Canopy to serve as a rental guarantor for those who want to rent but don’t meet traditional referencing requirements.
Individuals usually have to earn 2.5 to 3 times the annual rental amount in order to be eligible to rent a property. With Housing Hand, they only need 1.5 times net earnings to qualify, which significantly lowers the threshold for accessing a rental property.

Crucially, Housing Hand then serves as the individual’s guarantor, which means that the risk sits with Housing Hand, and not with the landlord. 100% of rent is covered 100% of the time, meaning that the landlord can access a wider pool of potential tenants and renters can unlock their next move.

Chris Hutchinson, Chief Executive Officer of Canopy, said:

“We often hear about renters who are likely great tenants but are unable to meet the minimum criteria expected by the housing market. By partnering with Housing Hand, the biggest rent guarantor service in the UK, we are able to support more of these renters in finding a new home, while ensuring that landlords actually have even more protection.

“Rising uncertainty in the wider economy is leading to a growing need for guarantor services and now our housing market partners can say yes to more potential renters while at the same time, reducing the risk they face.

“For renters, choice is key. For those who are asked to provide a Guarantor but are unable to find one, or don’t wish to use a family member, this service enables them to move into a property without having to pay more rent upfront. This partnership allows us to fulfil our mission of removing pain points for renters, letting agents and landlords, and the integrated user experience makes it seamless, and simple, for all involved.”

The Housing Hand/Canopy partnership will further both organisations’ missions to make renting more accessible, delivering benefits to all those involved in the rental transaction process.