Moving home can be expensive especially when as a tenant you are asked to pay an expensive upfront deposit when beginning a new tenancy.The Zero deposit scheme is an alternative to the traditional security deposit by giving tenants the choice of paying the equivalent of one weeks rent instead. This guarantee makes it a lot more affordable for tenants while still providing security and protection for landlords.
- The Zero Deposit Guarantee provides your landlord with protection if you do not pay them directly for the cost of any financial loss or damage due.
- A Zero Deposit Guarantee is offered to you as choice, so if you prefer to pay a traditional deposit, you can. With a traditional deposit your money will be returned to you if there is no financial loss or damage due to the landlord at the end of the tenancy.
- You remain completely responsible for any financial loss or damage due to the landlord, as you would with a traditional deposit.
- The cost of the Zero Deposit Guarantee is not returned to you at the end of your tenancy or offset against any claim by the landlord.
- If you dispute your landlord's claim and our expert evaluation partner finds in your landlord's favour, we will settle with them and then seek reimbursement from you. Failure to pay us at this stage will result in us passing your debt to a debt collection agency which may incur further costs for you and could affect your credit rating.
- There is a annual admin fee of £26 per tenancy collected every year by Direct Debit from the first anniversary until the end of the tenancy.