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Hamilton Fraser launches new deposit alternative scheme

Hamilton Fraser has announced the launch of its own in-house deposit alternative brand, Ome. 

The new product, which is the latest to be launched by the letting and landlord insurance firm, will operate independently, but still benefit from the support and entire resources of the Hamilton Fraser Group, including its own adjudication service HF Resolution, which already provides services to many of the existing deposit alternatives.

The Hamilton Fraser Group insist that it will ensure that every tenant and landlord is aware of the pros and cons of deposit protection options, and how both an alternative or traditional deposit scheme might best suit their individual situation. 

Ome, which aims to address a number of market changes, includng the introduction of the tenant fee ban and mandatory client money protection, has not been set-up to dissuade anyone from using the traditional format, but it will provide landlords with the exact same financial protections that they would receive with a traditional deposit scheme.

Co-founder of Ome, Matthew Hooker, said: “Ome is about offering choice and transparency within the market rather than completely rewriting the tenancy deposit rulebook and I think Ome's Deposit Replacement Membership will be the "go-to" option for many renters and will complement the traditional deposit schemes in today's rental market.

“Hamilton Fraser provides such a wealth of resources at our fingertips and has a rich history of expanding and improving its consumer offering. As a result, we are in a strong position to offer the best deposit replacement product available today in Ome, whilst also driving positive change in the UK rental sector and, like Hamilton Fraser, we will continue to raise industry standards.”

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    No deposit, no chance of renting any of my properties. It shows two alarming symptoms. Firstly doubtful if the prospective tenants place enough emphasis on financial prudence by not prioritising saving a deposit and ensuring rent is affordable and paid promptly. Secondly it shows a lack of willing to take responsibility and pay for any damage etc. caused during the tenancy. Either symptom is fatal in my opinion.

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    Totally agree, no deposit, no tenancy.

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