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NLA to ‘recommend’ Zero Deposit to its members

The National Landlords Association (NLA) has identified Zero Deposit as the only deposit replacement product worth recommending to its members.

The landlord association is endorsing Zero Deposit after entering a new agreement with the deposit replacement firm.

Zero Deposit’s tenant’s deposit replacement product is fast 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, said: “Landlords have had a tough time of late and have found themselves having to navigate through a pretty hostile market, with ever more changes to regulation and the tax regime.

“One area offering some respite is the burgeoning deposit replacement market. Deposit replacement offers landlords the same security as a cash deposit with the added benefits of enhanced cover and shorter void periods.

“Our exclusive partnership with the NLA gives its member landlords peace of mind that by choosing Zero Deposit as their preferred deposit replacement provider, landlords are not only picking the market leader, but also the most secure product in the industry.”

“We are already working with more than 2,100 letting agency offices across the UK and have covered over 11,000 tenancies to date.  Adding the NLA to our list of partners is an exciting next step for us as we continue to expand and make Zero Deposit the go-to product in the sector.”

The partnership with the NLA is part of a long line of affiliate activity designed to promote Zero Deposit and their best practices in industry.

Richard Lambert, CEO of the NLA, commented: “We looked very carefully at this market and considered the various products available.

“Zero Deposit is the best organisation to recommend to our members, because they have thought through and answered all the issues, and gave us the reassurance that both the company and the product were regulated by the FCA.”

Poll: Does the Zero Deposit scheme appeal to you?

PLACE YOUR VOTE BELOW

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    This is a good way of increasing the overall cost of renting by charging a non-refundable extra week rent on top of the usual costs. No doubt for agents they will get some commission which will make up for some of the fees lost as a result of the letting fees ban. Anyone who has to move with any kind of regularity would be advised to steer well clear of this scheme.

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    I agree. The only cost to decent tenants in lodging a deposit is the loss of interest. Once a tenant has moved 5 times he has lost the equivalent of the new 5 week deposit using these rip off schemes. I would never rent to someone who couldn't afford or get organised enough to save the normal deposit or who didn't intend to ensure they merited full deposit refund.

     
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    The joke of the Century, there is a live Consultation by DHCLG regarding Section 21 but Government has already announced last April it was been scrapped, its some Democracy.
    ARLA joining up with NLA that’s the second joke of the Century. ARLA is made up of a half dozen Estate Agents who are not in our best interest. They are continually Campaigning for more Regulations which is one of our biggest Problems, we are snowed under already & yet they want more. I know it’s not a problem for them they’ll have no work to do just set up Computer programmes sit back everything happening automatically, just check their Bank Balance. I don’t want them causing us more hassle.

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