The Source has launched a sister business aimed at capitalising on the growth in the burgeoning rental sector with SourceLet.

SourceLet offers a range of products and services specifically designed for the lettings market. The flagship product is an intuitive online tenant referencing facility, available 24/7.

The system interrogates 27 different databases and then uses this data to effectively score the prospective tenant based on a set of complex algorithms drawn from real-time claims data and thereby creating a score based on the likely tenants propensity to default.

The tenant referencing facility is backed up with a range of specifically designed insurance products including landlord rent guarantee, landlord property insurance and tenants liability and contents insurance, much of which is pulled from the Source platform.

Complimenting these products and services will be an extended range of landlord services in the new-year including gas and electricity safety certificate testing, landlord emergency cover as well as the Government’s new eco deal.

Martin Gwynne who heads up the proposition and joined SourceLet from Homelet earlier this year, said: “I am excited about the SourceLet proposition as I feel it offers something genuinely different to the lettings market. We have identified the things that frustrate letting agents within the referencing and insurance products available to them today.

“We have removed and improved these to create real value for money products offering a great service combined with leading edge technology.”

Kevin Paterson, the Source’s managing director, added: “Whilst SourceLet will be aimed at letting agents, initially we want to encourage the mortgage broking community to tap into this lucrative sector.

“We believe we have created a range of tools that will enable brokers to generate more leads and more business from this elusive part of the market enabling them to truly take advantage of the counter-cyclical nature of the property market they serve.”