RentGuarantor has agreed a partnership with mydeposits to develop a combined rent deposit product, simplifying the lettings process for renters, landlords and letting agents.
Under the agreement, RentGuarantor's tenant customers, along with its landlord and agent partners, will be able to access the mydeposits scheme directly through RentGuarantor's website. Tenants will have the option to take out a combined guarantor and deposit package for a single fee, with RentGuarantor's platform handling a streamlined application process that brings both services together.
The product works by agreeing a deposit at the start of the tenancy, but the money stays with the tenant until the end of the term, when any agreed deductions are released to the landlord. Disputes are resolved through a formal resolution process to determine what, if anything, should be paid. The deposit amount is insured under mydeposits' protection scheme, while RentGuarantor covers rent payments.
For landlords, both the deposit and rent payments are fully covered without any fee. Tenants benefit from not having to hand over a lump sum upfront, freeing up cash, and agents gain a faster, more resilient tenancy progression process.
"This exciting agreement further enhances our proposition and is a major step forward in our offering to tenants, agents and landlords," said Paul Foy, chief executive of RentGuarantor.
"Combining our award-winning professional guarantor solution with a leading government-approved deposit protection scheme, the service offers a pragmatic approach to deposit and guarantee management, aligning with upcoming regulatory changes while facilitating long-term, efficient and trusting landlord and tenant relationships. I look forward to working with mydeposits as we develop and launch this service."
