Deposit Replacement Option
Security & Protection for landlords
A Deposit Replacment Guarantee can replace a traditional tenancy deposit, giving landlords the same cover and protection as having a tenancy deposit in the bank, whilst making renting more affordable for tenants.
Tenants pay the equivalent of one week’s rent for the gurantee which is provided by Reposit. This is non-refundable and gives you effectively the same cover as a 8-week tenancy deposit. Tenants remain fully accountable for any damages or unpaid rents.
In the event of any financial loss or damage due to you, this is settled by the tenant or if they dispute the claim the evidence is sent for independent expert evaluation. If found in your favour, Reposit settle the claim with you and recover the costs from the tenants directly, along with any recovery costs. Non-payment by the tenant at this stage may impact on the tenants credit history.
Why would landlords choose Reposit?
Speeds up the rental process:
Reposit helps tenants reduce the upfront cost of renting, which can help speed up the process and reduce void periods.
Provides security & protection:
Reposit provides effectively the same cover as a 8 week tenancy deposit and is underwritten by Canopius.
Helps to attract a wider audience:
By giving you the potential to attract a wider audience of tenants, you can increase demand and reduce the time taken to rent.
Supports accountable tenants:
Tenants remain fully accountable for looking after your property and making rental payments, with Reposit only making payment to you in the event of a fair claim at the end of the tenancy.
Reduces paperwork & hassle:
Reposit is not a traditional deposit, so it doesn’t need to be registered with one of the deposit protection schemes, which can save landlords time and money.