Mydeposits has brought its insured and custodial tenancy deposit protection services together on a single technology platform in what it describes as its biggest transformation since launching in 2007.
The investment moves the provider’s insured scheme onto Total Property, the platform already supporting its custodial service.
Landlords and letting agents will be able to manage both types of deposit protection from one account, reducing the need to use separate administrative processes.
Existing insured-scheme members will transfer automatically, with current protections remaining valid and no requirement to register their deposits again.
NEW MEMBERSHIP MODEL
Mydeposits has also redesigned how members pay for insured deposit protection.
Under the new model, members purchase enough reusable allocations to cover the deposits they have actively protected at any one time. When a tenancy ends and its protection is closed, the allocation can be used for another deposit.
Memberships will have a single annual renewal date, while the maximum price has been reduced to £22, including VAT, for each deposit allocation per year.
Mydeposits said the structure should reduce the average cost per protected deposit for many landlords, with additional savings available as the number of active protections increases.
National Residential Landlords Association members will continue to receive a one-third discount, which will now be applied automatically at renewal rather than requiring a promotional code.
END-OF-TENANCY NEGOTIATIONS
Total Property introduces a digital negotiation process for deposit deductions and settlements.
Landlords and agents can upload supporting evidence and propose how the deposit should be divided. Tenants can accept the proposal or submit a counter-offer through the platform.
Cases where an agreement cannot be reached can progress to mydeposits’ free dispute resolution service.
The custodial option, under which the scheme holds the tenant’s money throughout the tenancy, will remain free to use.
PLATFORM INVESTMENT
Eddie Hooker (main picture, inset), Chief Executive Officer of mydeposits, says: “Bringing our insured-backed and custodial deposit protection schemes together on Total Property has been the long-term vision for the platform, so I’m delighted to see that vision become a reality.
“This is our biggest investment in insured deposit protection, and we have rethought not just the way members pay for insured deposit protection, but the entire user experience.”
Mydeposits has published guidance, support material and a pricing calculator to help existing members understand the allocation model before their next renewal.
