Professional guarantor provider RentGuarantor has agreed a partnership with mydeposits to develop a rent deposit product to offer alongside its existing service, simplifying the lettings process for agents, landlords and renters.
Under the new agreement, RentGuarantor’s tenant customers – and its landlord and agent partners – will be able to access the mydeposits scheme via RentGuarantor’s website.
Here, tenants will have the option to take out a combined guarantor and deposit package product for one fee.
RentGuarantor’s proprietary platform will enable a swift application process that aligns both services seamlessly.
MONEY REMAINS WITH TENANT
The package will mean that a deposit is agreed at the start of the tenancy, however the money will remain with the tenant until the end of the tenancy when any agreed deductions are released to the landlord.
If there is a dispute, a resolution process will determine what amount should be paid. The deposit amount is insured under mydeposits’ protection scheme, while rent payments are guaranteed by RentGuarantor.
The innovative partnership is designed to provide both tenants and landlords with the security of a government-approved deposit protection scheme and a professional guarantor service that unlocks more tenancies and safeguards against rent arrears.
Landlords will know that the relevant deposit amount and their rent payments are fully covered without having to pay a fee, while tenants won’t have to wait for the release of a deposit payment, freeing up cash. For agents, tenancy progression is swifter and more resilient.
PRAGMATIC APPROACH
Paul Foy (main picture), CEO of RentGuarantor, says: “This exciting agreement further enhances our proposition and is a major step forward in our offering to tenants, agents and landlords, combining our award-winning professional guarantor solution with a leading government-approved deposit protection scheme.
“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. I look forward to working with mydeposits as we develop and launch this service.”
Mydeposits, one of three authorised deposit protection schemes in the UK, represents approximately 400,000 landlords and protects more than £1.3bn of tenant deposits across the private rented sector.
