The buy-to-let arm of Nationwide Building Society has teamed up with Rentguard Insurance to offer this feature to landlords.

TMW said it hoped the move would help ‘stabilise and professionalise’ the market.

Customers can claim rental loss of up to £2,500 each month and will also have cover for legal and advisory fees worth £25,000. The offer will apply to all buy-to-let products offered by TMW.

Henry Jordan, managing director of TMW, said: “Peace of mind is particularly important for new landlords taking their first steps into buy to let and dealing with missed payments and/or tenant related issues are among their main concerns.

“Offering new customers the benefit of such cover is just one of the ways in which TMW is helping landlords approach their buy to let investment confidently and responsibly.”

Steve Jones, managing director of Rentguard, said: “Rentguard are delighted to be working with TMW to provide new landlords with free rent guarantee and legal expenses cover to protect their investment; giving them increased peace of mind.”