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  • Deposit Protection

    Zero Deposit launches new mobility initiative



    Zero Deposit, the UK’s leading deposit replacement provider, announces the launch of its new “unlocking deposits” initiative.

    Tenants who purchase a Zero Deposit Guarantee mid tenancy or at renewal can release their existing deposit early and instead provide their landlord with an FCA regulated guarantee providing enhanced protection.

    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 simple 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.”

    Paul Deveney, Director at Acorn Group, endorsed Zero Deposit’s “Unlocking Deposits” option:

    "This is a great new approach and we are in the process of rolling it out to our tenants. It's incredibly easy to promote to our landlords as it removes a lot of the traditional deposit headaches while handing them greater protection. We also like the option as it also takes away an administrative burden from the branch and hands the team time to focus on building this new revenue stream. It's a no-brainer." 

    FIND OUT MORE ABOUT ZERO DEPOSIT

    *Transparency notice:  Zero Deposit are a commercial partner of Property Tribes.

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    Hi

    Do Zero Deposits have a template letter that landlords can give to tenants explaining this

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    There are a lot of useful resources on their website explaining this for both landlords and tenants and there is also a helpline that both landlords and tenants can ring to get further information.

    0333 200 2541
    help@zerodeposit.com

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