Professional guarantor provider RentGuarantor has struck a deal with mydeposits to develop a new rent deposit product.
Under the deal, landlord and tenant users of RentGuarantor’s website will be able to access the mydeposits scheme.
Tenants have the option to take out a combined guarantor and deposit package product for one fee.
So a deposit is agreed at the start of the tenancy, although the money stays with the renter until check out when deductions are released to the landlord.
If there is a dispute, a resolution process decides the amount to be paid.
The deposit is insured under mydeposits’ protection scheme, while rent payments are guaranteed by RentGuarantor.
Under the deal landlords will know that the relevant deposit amount and their rent payments are fully covered without a fee.
And for agents, tenancy progression is swifter and more resilient.
A RentGuarantor,m spokesperson says: “The service offers a pragmatic approach to deposit and guarantee management, aligning with upcoming regulatory changes while facilitating long-term, efficient and trusting landlord and tenant relationships.”
Mydeposits – one of three authorised deposit protection schemes in the UK – represents some 400,000 landlords and protects more than £1.3 billion in deposits across the private rented sector.
RentGuarantor has worked with over 1,700 lettings agents since it was founded in 2018.
This article is taken from Landlord Today