"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"
From today, tenants can free up the cash deposit they paid when they first moved into their property and replace it with a Zero Deposit Guarantee. Tenants can take advantage of this at any stage of their tenancy, or at renewal.
With the new five week deposit cap coming into effect for most tenancies at contract renewal stage, Zero Deposit offers a way to maintain landlord protection at six weeks while returning cash to tenants.
Jon Notley, co-founder and CEO of Zero Deposit, said: “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.”
“Agents have a natural opportunity post tenant fee ban to introduce the Zero Deposit Guarantee to tenants. But there are other major advantages for agents too: our product removes a compliance headache and provides them with a useful revenue stream.”
