Our £0 Deposit Replacement Scheme allows a tenant the benefit of providing no deposit as part of the initial account prior to the commencement of the tenancy, thus replacing the traditional deposit held in one of the government approved schemes.
Why choose our £0 Deposit Replacement Scheme?
- The scheme provides an insured sum of 8 weeks rent should the tenant fail in their obligations at the end of the tenancy
- An increased rental amount is recommended to reflect the fact there is no deposit
- Moving costs reduced for a tenant with no large upfront deposit to be paid
- Encourages tenants to move in quicker, no longer having to save for a deposit
- Simple to understand and easy to obtain
- Once agreed, the scheme will remain active until end of tenancy
Things to consider
- Your property must be marketed offering a traditional deposit option as well as the £0 Deposit Replacement scheme
- All tenant(s) and/or guarantors will need to pass references
- Chancellors must be approved and nominated to collect the rent throughout the term of the tenancy
- You must agree to accept a £0 Deposit before the £0 Deposit Scheme is provided
- You will need to take out either our Tenancy Management service or our Property Management Service