Rent a property with No Deposit Option

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.

According to 2018 research by Dlighted, tenants who live in the UK’s largest cities (excluding London) pay an average of £1,407 for their tenancy deposit.

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

Things to consider

• 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.