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TODAY'S OTHER NEWS

New product enables sitting tenants to unlock their cash deposit

A new product has been launched by Zero Deposit that allows tenants to unlock their cash deposit and replace it with a Zero Deposit Guarantee.

Tenants who purchase a Zero Deposit Guarantee mid-tenancy or at renewal can release their existing deposit early and instead provide their landlord with an FCA regulated guarantee providing enhanced protection.

Zero Deposit’s tenant’s deposit replacement product is rapidly becoming a major part of renting for letting agents, landlords and tenants across the UK.

A number of letting agents are now signed up to Zero Deposit’s FCA-regulated deposit replacement product, designed to reduce financial pressures on renters, while also offering greater security to landlords.

The insurance policy is underwritten by Great Lakes Insurance SE, part of the Munich Re Group, which the tenant acquires for a one off payment at the equivalent of one week’s rent, no matter the length of the tenancy, plus an annual admin fee of £26.

Under the terms of the scheme, tenants remain accountable for any damage or unpaid rents, with any disputes over claims by the landlord handled by the Tenancy Deposit Scheme (TDS), which has an exclusive partnership with Zero Deposit.

Jon Notley, co-founder and CEO of Zero Deposit, commented: “Zero Deposit is already changing the way people rent and deposit unlocking is the next step of our journey. Our ambition is to help tenants overcome the challenges of affordability by providing them with the choice to release the cash they have tied up in existing deposits.

“Landlords benefit from the extra protection our product offers over a cash deposit, with everyone protected by the safeguards that come with an FCA regulated product and the associated Financial Ombudsman Service and Financial Services Compensation Scheme.”

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    Zero Deposit means Zero chance of renting my properties. Pay your way if you want to stay.

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    If they cannot afford to pay a deposit what are the chances of them paying the rent? little and none, I once had a guy that wanted to move in and pay the deposit in installments, he couldn't understand why I said no

     
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    We have heard it all everyone setting up even more Schemes, supposed to be helping us or doing us a favour, why don’t they just go away get a job and earn a living instead of soft options all the time. I remember back in the day when Clive Sinclair invented the Calculator in sequentially Computers followed on from there really. What a great topic with everyone at the time , how Computers was going to do all the work for us, we would only have to work a few hours a week and have so much leisure time. What happened to all that ?, we are now busier than ever and stressed out to the last by Computers.

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    Another tin pot idea which us professional LLs cab see through

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