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Zero Deposit, the UK’s leading deposit replacement product, announces that it has partnered with the Residential Landlords Association (RLA).From today, Zero Deposit is the only deposit replacement product recommended by the RLA to its community of over 35,000 landlords.
At a time when landlords are facing more challenges than ever before, Zero Deposit make things simpler by offering an alternative route to the traditional tenant deposit which can speed up the rental process while giving landlords more protection than a cash deposit.For the cost of one week’s rent, tenants can purchase a Zero Deposit Guarantee, which replaces the traditional cash security deposit which can help speed up the lettings process and reduce void periods.
Furthermore, in light of the recent tenant fees ban where for most tenancies landlords can now only collect a maximum of five weeks rent to act as a deposit, Zero Deposit offers an extra week’s protection to its landlords, at six weeks. Disputes are adjudicated by The Dispute Service (TDS), with approved claims paid in just two working days by Zero Deposit.
Zero Deposit is the only deposit replacement guarantee in the market which is fully regulated by the Financial Conduct Authority (FCA), meaning landlords and tenants are protected under the Financial Services Compensation Scheme (FSCS) and the Financial Ombudsman Service. Each guarantee is directly underwritten by Great Lakes Insurance SE, a subsidiary of Munich Re, one of the world’s largest reinsurance firms.
Jon Notley, Co-Founder and CEO of Zero Deposit says: “We are delighted to have partnered with the RLA and bring the Zero Deposit Guarantee to their extensive membership network. Since launching in February 2018 our deposit replacement guarantee has proven to be incredibly popular with both landlords and tenants - with several thousands already signed up.In May alone we have covered more than 1,750 tenancies, providing more than £2m in deposit cover to landlords. By working with the RLA we hope to build on this success and increase awareness of Zero Deposit to its growing community of landlords.
‘We also welcome the RLA’s decision to partner with a product that is fully regulated by the FCA, with safeguards in place for both landlords and tenants. We have recently witnessed other deposit replacement providers enter the marketplace, some of which do not offer the protections of FCA regulation and who are, in our view, opening up this new market to risks of mis selling and ripping customers off. As deposit replacement increasingly becomes the norm for renting in the UK, we urge the industry and customers to insist on only embracing products that offer all customers the safety net of FCA regulation, with protection under both the Financial Services Compensation Scheme and the Financial Ombudsman Service.”
The Residential Landlords Association currently has over 35,000 members and represents the interests of landlords in the private rented sector across England and Wales.For landlord members, the RLA delivers day-to-day support, expert advice, government campaigning, plus a range of high-quality services relevant to landlords needs, which now includes Zero Deposit.
Andrew Dixon, chief executive of the Residential Landlords Association (RLA) said: “With the average deposit now more than a thousand pounds, deposit replacement products are growing in popularity with both landlords and tenants.
“Our new partnership with Zero Deposit will allow us to extend this alternative option to our members alongside our traditional deposit protection scheme.”
To join the 35,000 landlords already benefiting from unlimited advice, access to a comprehensive range of documents and guides, training courses, support and representation, along with exclusive offers and discounts visit the RLA website and enjoy 25% discount off membership for PT members.FIND OUT MORE ABOUT ZERO DEPOSIT*Transparency notice: Zero Deposit and the RLA are both commercial partners of Property Tribes.SEE ALSO - Zero Deposit SchemesUP NEXT - Zero Deposits and FlatfairDON'T MISS - Deposit replacement is here - Zero DepositNOW WATCH:
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