The No Deposit Option, which is included in the Residency, allows you to rent your home with no upfront deposit. You'll still be liable for any damage, missing rent or cleaning at the end of the tenancy, but will not need to tie your money up for the whole of your time in the home.21 Aug 2019
How do I qualify for zero deposit?
Who is eligible to use Zero Deposit? Any tenant can use Zero Deposit if they pass referencing for their share of the rent, or have a guarantor who also passes referencing.
Is Zero Deposit scheme a good idea?
As landlords are promised greater protection than they receive with the capped five-week security deposit, a no deposit rental scheme makes perfect sense for all involved. You can move into a property quicker and they can fill their property quicker moving really is win-win for everyone..23 Mar 2020
What does Zero Deposit mean when renting?
The Zero Deposit Guarantee allows you to rent your next home without paying an expensive security deposit, or you can unlock the money you have tied up with an existing deposit. Our no deposit scheme provides your landlord with more protection than a traditional deposit.
How does the nil deposit scheme work?
It works like this: It is the tenant who effectively buys a guarantee from the insurance company and this gives the landlord “the equivalent security of a six week cash deposit” for up to ten years of a tenancy. The tenant pays the equivalent of one week rent for the insurance. This is non-refundable.1 Sept 2019
How does the deposit scheme work?
A tenancy or security deposit is protected with a deposit protection scheme and is not returned to the tenant until the tenancy ends. If a tenant does not meet the terms of the tenancy agreement, damages the property, or doesn't pay their rent or bills, the landlord can deduct costs from the deposit to cover this.13 Jan 2022