Can I charge interest on late rent?

The Tenant Fees Act 2019 permits interest on late rent, capped at the Bank of England base rate plus 3 percentage points, and only chargeable once the rent is more than 14 days overdue. Arbitrary flat late fees are not permitted.

Turn it on per tenancy and set your annual rate. Tenarize enforces the cap twice: it refuses to save a rate above the current cap, and it recalculates the cap again every time interest accrues or is charged. If the base rate falls after you set your rate, the charge is automatically reduced to the legal maximum rather than continuing at a rate that has since become unlawful — and you're shown a warning so you know.

• The base rate is fetched from the Bank of England's own published figures and refreshed weekly.
• Interest accrues from the due date, and only becomes chargeable once the 14-day threshold is crossed.
• Your tenant settles it as a separate payment, never bundled with rent and never taken by auto-pay.
• You can waive what's accrued for a cycle without turning the charge off.

Worth knowing: The generated tenancy agreement always states the position — your configured rate, or that no interest applies. If you activated the tenancy with your own agreement, Tenarize can't know what yours says, and will warn you accordingly.