mydeposits has announced a major transformation to its insured-backed deposit protection service, bringing the scheme onto the Total Property platform and introducing a redesigned membership model built around the needs of today's private rented sector.
The upgrade follows a significant investment in technology and reflects how much the private rented sector has changed.
Central to the launch is Total Property, the technology platform that already powers mydeposits' custodial deposit protection scheme. It will now also support the insured-backed scheme, making mydeposits the only tenancy deposit protection provider to offer both insured-backed and custodial deposit protection through a single customer platform.
By bringing both schemes together for the first time in one place, Total Property simplifies administration while giving landlords and agents a more streamlined member experience.
The redesigned membership model introduces several changes designed to deliver better value:
A single annual renewal date, with members purchasing the number of deposit allocations they require
Reusable allocations, so members only need enough to cover their active protected deposits at any one time
A reduced maximum price of £22 per deposit allocation per year, including VAT
Many landlords will benefit from a lower average cost per protected deposit, with portfolio landlords benefiting further as the number of active protections increases. NRLA members also save a third on the cost of their deposit protection, and their discount will now be applied automatically at renewal, removing the need to manually enter promotional codes.
Members will also benefit from a modern platform, enhanced resolution services and a programme of ongoing improvements as Total Property continues to evolve. The platform introduces a streamlined end-of-tenancy negotiation process, allowing members to upload supporting evidence and propose deposit settlements.
Tenants can then review those proposals, either accepting them or making counter-offers within the platform. Where agreement cannot be reached, cases progress to mydeposits' free dispute resolution service.
Current insured-backed members will be transferred to the Total Property platform automatically, with existing protections remaining valid and no requirement to re-register deposits or take any action to maintain protection.
"Bringing our insured-backed and custodial deposit protection schemes together on Total Property has been the long-term vision for the platform, so I'm delighted to see that vision become a reality," said Eddie Hooker, chief executive of mydeposits.
"This is our biggest investment in insured deposit protection, and we have rethought not just the way members pay for insured deposit protection, but the entire user experience, creating a platform that is simpler, more flexible and designed around how landlords, agents and tenants interact with deposit protection today. It provides a platform that can continue to evolve alongside the changing needs of the private rented sector for years to come."
