One of the main issues facing a tenant is raising the deposit on a property when they are already renting. This is because the deposit usually is returned after the tenant has moved into a new property. Martin & Co have developed a new product that offers potential tenants an alternative solution – THE DEPOSIT REPLACEMENT WARRANTY. This product is an easy and affordable alternative to paying a deposit. It reduces the move in costs for the tenant whilst also offering protection to landlord. The Deposit Replacement Warranty is paid for by the in-going tenant instead of paying a traditional deposit. The Deposit Replacement Warranty allows us to advertise a property as NO DEPOSIT REQUIRED which could attract more interest from prospective tenants. It also allows landlords and tenants to avoid the administration associated with the Government Deposit Schemes.
BENEFITS TO A LANDLORD
- The property may be rented faster as the Deposit Replacement Warranty provides an attractive incentive to consider the property.
- The Deposit Replacement Warranty product offers protection for the landlord as it offers the landlord deposit cover for 6 weeks rent.
- The Deposit Replacement Warranty covers the landlord if a tenant vacates the property without paying the last month’s rent as well as damage costs.
- There is no financial cost to the landlord as the tenant pays the premium before they move into the property.
- Once a claim is accepted, the landlord will have guaranteed payment within 7 days.
- There is NO EXCESS in the event of a claim
- The one-off fee provides a warranty for the duration of the tenancy, however long that may be (includes damage cover).
BENEFITS TO A TENANT
- No ‘large’ upfront deposit has to be paid
- The tenant can move into their desired property quicker as they no longer need to save for a deposit or wait for their previous deposit to be returned from their current property.
- The Deposit Replacement Warranty is a simple product to understand and is quick to and easy to purchase.
To find our more call 0151 645 3392.