All there is to know about our No Deposit Option for Tenants

All there is to know about our No Deposit Option for Tenants
21st December 2020

We know tenants currently face a lot of financial pressures, from raising the initial deposit and costs of moving, to saving up to buy their first home. That’s why we offer a No Deposit Option for renters – here’s what you need to know…

The deposit tenants are required to pay makes renting more challenging and can impact big life decisions. We want to ease the financial burden placed on tenants, so now offers the No Deposit Option (NDO), as a benefit of our The Residency membership.

What is the Zero Deposit Scheme?

Our innovative No Deposit Option (NDO) allows tenants to move quickly, and easily, with no rental deposit. Rather than paying a large deposit upfront, you can instead pay a small monthly fee* and enjoy deposit-free renting. It is part of The Residency member, a in exchange for this fee, tenants will benefit from:

  • Deposit-free renting – allowing you to move home more quickly
  • Credit history contribution – all rental payments made by tenants under the NDO scheme will build help you build up your Experian Credit Report
  • Virgin Media savings – you can receive up to £100 in credit towards your media bundle when renting with us
  • Discounts on domestic appliances – you can receive great savings on Russell Hobbs appliances
  • Access to legal helpline – you’re entitled to free and impartial legal advice via our free 24/7 hotline
  • First-time buyer advice – and you’ll also get access to free advice on how you can take a step onto the property ladder, if this is a goal you’re working towards!

What are the main benefits of Zero Deposit Scheme for tenants

Under the traditional deposit scheme, tenants often delay moves in order to save up the upfront deposit. Not only does this often delay moves but it can also make moving from one rental property into another increasingly difficult. A deposit for a new property is often required before the deposit from the existing property has been released. With deposit free renting, this is no longer an issue.

Currently, rental payments do not positively affect a tenant’s credit history even though rent is often the largest regular payment many tenants make. In exchange for the small monthly fee, our tenants will benefit from Experian tracking their rental payments to ensure those who pay in full and on time, see a positive impact on their statutory Credit Report.

What does 0 Deposit Homes mean for landlords?

When piloting this new product, many landlords asked the same two questions; “How can there be no deposit?” and, “What happens if the tenant damages my property?”

Landlords can rest assured that, properties marketed under the zero deposit option scheme will be indemnified by us for the equivalent of 7 weeks’ rent – that’s 40% more protection than the standard 5-week deposit. If there are damages at the end of the tenancy, we will liaise with the tenant during the check-out process to ensure any issues are rectified before the next tenancy begins.

It’s a win-win, tenants only pay for the work that’s needed and landlords have the peace of mind that repairs are being taken care of. 

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