No Deposit Rental Options | Rent without a Deposit

Discover No Deposit Renting

Our No Deposit Option allows you the benefit of providing no deposit as part of the initial account prior to the commencement of the tenancy, thus replacing a traditional deposit held in one of the government approved schemes.

As of July 2024, the average tenancy deposit in the UK is approximately £1,837.50 according to Goodlord.

What are the benefits of No Deposit Option?

Allows you to start the rental process quicker, no longer having to save for a deposit
Your moving costs are reduced as there is no need for a large upfront deposit to be paid
Monies usually tied up in a deposit can be utilised to help with move in costs and things such as furniture for the property
No risk of the deposit not being paid back, because there wasn’t one
Once agreed, the scheme will remain active until end of tenancy

Looking for a No Deposit House?

The landlord will be expecting a high quality application and offer to be made to reflect the fact that there is no deposit being paid
You are still liable for any costs confirmed as tenants responsibility (dilapidation costs) after independent adjudication at the end of the tenancy. This is the same as when a traditional deposit has been paid
It is recommended that Tenant liability insurance is taken out by you in advance of the tenancy commencing
The landlord must agree to accept No Deposit Option as part of the terms of your offer before the No Deposit Option is provided
The rent must be paid directly to Chancellors throughout the tenancy and in accordance with the terms of the tenancy
You do not have to make an offer for the property that includes the use of the No Deposit Option. Offers can be made on the basis of a traditional deposit being paid by you

More information on how the No Deposit Option works can be found in our Terms and Conditions and Guide to Tenants document.