Until recently, the Zero Deposit Guarantee was only available for tenants when they moved property. That’s all changed with the launch of our Unlocking Deposits service.
Unlocking Deposits gives tenants the opportunity to get their deposit cash back mid tenancy or at renewal, whether they are moving or not. It's a great way to free up tenants’ cash, which can be incredibly useful, especially if there is a rent review.
It also helps agents and landlords by freeing them from the new rules limiting cash deposits to 5 weeks by providing them with the equivalent 6 week’s cover, and a new deposit does not need to be lodged with one of the deposit protection schemes, saving time and money. Furthermore, with commission payable on all Unlocking Deposits sales, it can provide agents with a useful commercial opportunity after the introduction of the Tenant Fees ban.
All of these benefits come with the Zero Deposit's fully FCA regulated status, partnership with one of the world’s leading reinsurers, and further protection for customers under the Financial Services Compensation Scheme.
How does it work?
We’ve created a simple process for agents to access Unlocking Deposits:
Agents contact their landlords to inform them the Zero Deposit Guarantee is being offered to tenants who are in their property, giving them the option to opt out if they prefer
Agents then refer any tenants who want to unlock their deposit to Zero Deposit and at the same time provide them with the AST amendment letter they will need to sign
Once the Zero Deposit Guarantee is purchased the agent releases and refunds the deposit to the tenant
Agents, tenants and landlords are already benefiting from Unlocking Deposits:
“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.” Paul Deveney, Director, Acorn Group
How do agents access Unlocking Deposits?
Unlocking Deposits is available to all Zero Deposit partner agents. To join our network or to find out more as an existing partner, simply email us at email@example.com or visit www.zerodeposit.com/agents.