Tenancy deposit provider mydeposits has partnered with deposit alternative firm Reposit in a move aimed at simplifying how letting agents manage deposits and improving flexibility for tenants.
The agreement will allow agents to handle both traditional deposits and deposit replacement products through a single platform, reducing paperwork and helping firms stay compliant with deposit protection rules.
Under the integration, agents can continue to protect standard deposits through mydeposits while also offering Reposit as an alternative, without needing to switch systems. The companies say the change should speed up tenancy set-up times and reduce administration for lettings teams.
Reposit allows tenants to pay the equivalent of one week’s rent as a non-refundable fee instead of a traditional five-week deposit, while landlords receive protection equivalent to eight weeks’ rent against damage or arrears.
AFFORDABILITY PRESSURES
The deal reflects the growing use of deposit alternatives in the private rented sector, particularly as affordability pressures make it harder for tenants to find large upfront sums when moving home.
Tim Frome, Head of Government Schemes at mydeposits, says the partnership gives agents more flexibility in how they operate.
He adds: “By partnering with Reposit we are able to give agents greater choice in how they manage tenancy deposits. While traditional deposit protection remains a core part of the rental process, we support agents having access to innovative alternatives that can help tenants move more quickly and affordably into their new homes.”
Gurman Bains (main picture), Head of new Business at Reposit, says: “This partnership highlights the continued shift in the private rented sector towards simplified processes and better tenant affordability.”
