Rent a property with no deposit
Our £0 Deposit Replacement Scheme 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 £0 deposit?
- 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 £0 Deposit as part of the terms of your offer before the £0 Deposit Replacement Scheme 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 £0 Deposit Replacement Scheme. Offers can be made on the basis of a traditional deposit being paid by you
More information on how the £0 Deposit Replacement Scheme works can be found in our Terms and Conditions and Guide to Tenants document.