Deposit Replacement Service

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Fed up of fronting?

Did you know that around a third of tenants have to pay a whole new security deposit before getting the last one back? A Deposit Replacement Service can help you get into your home faster - while helping you reduce your upfront moving costs.

If you’d like to benefit from a Deposit Replacement Service, please reach out directly to your lettings agent.

Source: Reform of the private rented sector: the consumer view, Which.co.uk

Authorised and regulated by the Financial Conduct Authority.
Deposit Replacement Insurance from Goodlord

How does it work?

A Deposit Replacement Service can give you the option to pay a smaller one-off fee at the beginning of your tenancy instead of the five or six weeks' rent that's usually required from a traditional deposit scheme.

Key features

Reduced upfront costs

 

Did you know that the average deposit paid by tenants is £1,299 according to mydeposit? A deposit replacement service can help you reduce these upfront costs so that you can move between properties quickly and don’t have to wait for your traditional deposit to be returned to you. You’ll have more cash in your pocket, at the time you need it most.

Fair and impartial resolutions

Fair and impartial end-of-tenancy resolutions

 

If you need to dispute any charges at the end of your tenancy, Deposit Replacement Services are often adjudicated by an independent and impartial specialist who may also manage a government-authorised tenancy deposit protection scheme.

Check out with confidence

 

Reduce the likelihood of extra costs at the end of your tenancy and protect your liability with our Tenants Liability Insurance. You’ll get up to £5,000 accidental damage cover for the landlord’s fixtures and fittings.

Please note you’re still liable for the obligations within your tenancy agreement when taking out a Deposit Replacement Service, including paying your rent and covering any damages that may be incurred during your tenancy.

Frequently asked questions

Check out our blog for a full explanation about what these schemes mean for you.

No. You can and should always be offered the choice of using a traditional deposit or a deposit replacement service.

No. The one-off payment is non-refundable and you are still liable for damages and any unpaid rent that could be outstanding at the end of your tenancy.

No. The deposit replacement service is a service your letting agent will offer that lets you move into the property without forking out the traditional five weeks deposit.