All rent payments, together with other incoming and outcoming transactions for all properties in a landlord’s portfolio, are then tracked in Hammock and reconciled in real-time.

Hammock users also have the option to apply for a Hammock Current Account, fully dedicated to their property finances only. Together with our current account, we also provide a Hammock card to use for property related expenses. The Hammock Current Account is available for private landlords as well as a business account for those who operate through limited companies.

Hammock’s automated bookkeeping matches incoming and outgoing payments with the relevant properties and tenants, all in real-time. This means that landlords will not have to browse through bank statements, finding and highlighting expected transactions and painstakingly tracking any late or missing ones. Hammock will reduce all the time spent on administrative tasks for property finances to a quick tap on the phone (we have mobile apps for both Apple and Android devices) and a scan of a landlord’s reconciled transactions.

All the payments reconciled then feed directly into the property tax statement, where they are mapped against the categories of the SA105 form (the document to fill for those who have income from property). The tax statement is updated in real-time, so landlords will have no surprise tax bills to deal with. Hammock also provides an estimate of the total amount of the tax bill and gives landlords an option to save over time, so funds dedicated to paying tax are stored away during the year, instead of being chased last minute.

The reconciled payments also feed the Hammock insights, that display in real-time all the key metrics to monitor for buy to let investments. Loan to value ratio, profit and loss statements, rental yields and more are available 24/7 and refreshed in real-time.

Landlords receive instant notifications about all payments, and also periodic summaries and statements to keep tabs on their cash flow. Hammock keeps a running total of the arrears balance per property and per tenant, making it easy to spot any missing payments immediately and to agree on repayment plans.