Zero Deposit™ landlords are guaranteed six weeks security. As a landlord, you don’t pay a penny.
NRLA has partnered with Zero Deposit™ to bring all the benefits of a market leading and FCA regulated deposit replacement guarantee to our members.
Tenants can purchase a Zero Deposit Guarantee for a lower upfront cost equivalent to one week's rent plus a £49 set up fee, and then £17.50 each year. By reducing the upfront cost for renters, Zero Deposit helps speed up the process of getting new tenants in and reducing void periods.
So here’s what’s in it for you.
- Say hello to a world of great renters. By removing the barrier of a traditional cash deposit, you open up a whole world of trustworthy tenants ready to move in right away. All tenants have to pass thorough reference and credit checks, so you remain in control of who moves into your property.
- Greater Protection than Cash: With most cash deposits capped at five weeks, Zero Deposit’s six week guarantee gives you more cover.
- Admin? What admin? With a Zero Deposit Guarantee there is no need to collect and protect money from tenants anymore. Instead, your tenants purchase a guarantee and Zero Deposit look after the rest.
- A Faster Claims Process: Zero Deposit is all about speed at the end of tenancy. You simply need to know how much you want to claim to get the process started. Once liability has been determined and bank details have been provided, they pay within two working days.
- A Fair Claim Outcome: Because they're independent of either party and partner with the Tenancy Dispute Service (TDS), they aim to resolve all claims fairly
How can you make Zero Deposit available to your tenants?
Simple, just click the link below and register your next tenancy. Zero Deposit then contact your tenants and complete the process. Once purchased, you will receive your guarantee documents and you're ready to go, fully protected.
Zero Deposit is an approved deposit replacement service on NRLA Insurance policies and many others; however, if you use any other insurance providers you must check your policies before using this service.
Frequently asked questions
Won't this mean that tenants will take less care of my property?
No, your tenants remain liable for any financial loss or damage as set out in your tenancy agreement. As a landlord you are covered for the value of up to six weeks’ rent. This is paid to you within two working days of receiving bank details once a claim has been settled.
How do I know this is as secure as a cash deposit?
Zero Deposit Guarantees are underwritten by Great Lakes Insurance SE, part of Munich Re, one of the world's largest re-insurers. As the product is regulated by the FCA, you have recourse to the Financial Ombudsman Service and protection under Financial Services Compensation Scheme.
Won't it be a hassle if I do have a claim?
Zero Deposit's unique partnership with TDS means that disputed claims are reviewed by the same people as with a cash deposit. Once your claim is settled, Zero Deposit will pay you within 2 working days of receiving bank details.
Isn't this just more bureaucracy, cost and admin for me?
Zero Deposit is simple to use and, as it's not a deposit, you do not have to be concerned about the prescribed information rules applying to cash. Once you've registered your tenants, Zero Deposit takes over and sends you the paperwork once completed.
I get why it's good for tenants, but why's it good for me?
With most cash deposits now capped at five weeks, Zero Deposit's six week cover means you have greater protection. Additionally, properties advertised as having a Zero Deposit Guarantee available may get more interest, and with tenants having to find less cash up front, they can move in quicker. More cover, more demand and less voids.
Which NRLA agreements are suitable for use with Zero Deposit?
If you are letting out a property and you want to offer them an option to use a Zero Deposit Guarantee, you can use any of the NRLA's assured shorthold tenancy agreements. Once you get started with Zero Deposit, they will supply you with their own specific addendum that you can attach to the tenancy agreement.
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Contact Zero Deposit on 0333 200 2541
Please note that any contract for the supply of goods/services will be made between you and the provider of the goods/services; not with the National Residential Landlords Association or any of its associated companies. The NRLA has no liability in relation to any contract entered into by you as the NRLA only acts as an introducer.