Zero Deposit
Tenants pay less upfront
Written by: Richard Antrobus Category: Landlords, News, Renting April 11, 2019
VitalSpace Estate Agents are pleased to announce a partnership with Zero Deposit, which has launched an innovative new product that is aimed at improving the rental process for landlords and tenants.
Zero Deposit enables tenants to pay the equivalent of one weeks rent to purchase a Guarantee for their landlord which replaces the traditional six-week tenancy deposit.
It gives landlords effectively the same protection as a six-week tenancy deposit and by offering this product, our landlords will potentially now be able to open their property up to a wider audience of tenants by making it stand out from the crowd. Tenants still have to pass a rigorous referencing process, so the quality of tenants will not change.
One of the key drivers in creating ‘Zero Deposit’ was to help solve affordability challenges for tenants who, on top of rent and the other costs of moving, are expected to find up to 6 weeks’ rent for their security deposit; money that’s not sitting in their bank account for the length of the tenancy. Even worse, when moving from one rental property to another, tenants may have to find their next deposit before they get their last one back. These affordability issues can lead to delays in tenants being ready to move into properties and thus extend void periods for landlords.
Tenants remain fully liable for any rent and financial loss or damage due to the landlord throughout the tenancy and the product is delivered in partnership with ‘The Dispute Service’ (TDS) who use their experience to provide expert adjudication services and ensure a fair resolution of any disputes at the end of the tenancy.
It’s an ongoing goal to provide all applicants with real financial options. Zero Deposit negates the need for them to lock away a significant amount of capital during their tenancy, whilst not eroding the comfort our landlords feel as a result of the payment of a security deposit.
Director – Richard Antrobus
We look forward to giving our customers the choice of how they approach funding a new tenancy and considering the best use of their finances over what is often a long term decision to rent rather than buy.
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