The Zero Deposit product will be offered through Nick Dunning Associates Townends letting agency network in London and the Home Counties; expanding into the Stirling Ackroyd network in September.
The product gives tenants the choice of purchasing a guarantee instead of having to pay a cash deposit. They pay a fee of one week's rent to move into a property instead of the typical upfront deposit of six weeks rent. Whilst Zero Deposit gives the landlord the security they need.
It is a regulated product, underwritten by one of the world’s largest reinsurance firms, so it gives landlords a firm guarantee with all the protections that you would expect from a credible financial product.
Zero Deposit also have an exclusive partnership with the Tenancy Deposit Scheme (TDS) - who arbitrate any end of tenancy disputes - reassuring landlords that they have the protection of world leading insurance, but without having to negotiate with an insurer at the end of the tenancy. Offering the Zero Deposit guarantee on a landlord’s property helps them to stand out during the marketing period and can lead to faster letting and reduced void periods.
Matthew Hewitt, Commercial Director at Nick Dunning Associates, commented: "Zero Deposit’s offering will reduce the upfront cost of renting for tenants, which in London and the South East where rents are high, is a barrier to moving. With this method of deposit guarantee becoming increasingly popular, we wanted to partner with a reliable organisation to ensure we continue to provide tenants with an invaluable service, whilst also continuing to protect our landlords.”
Ben Harris, Sales Director at Zero Deposit, said: "We are excited that market leading agencies Townends and Stirling Ackroyd will be providing their tenants and landlords with our product, which really does benefit both parties."
