We know tenants currently face a lot of financial pressures, from raising the initial deposit and costs of moving, to saving up to buy their first home. That's why we offer a No Deposit Option for renters - here's what you need to know...
The deposit tenants are required to pay makes renting more challenging and can impact big life decisions. Leaders wants to ease the financial burden placed on tenants, so now offers the No Deposit Option (NDO), as a benefit of our The Residency membership.
What is the Zero Deposit Scheme from Leaders?
Our innovative No Deposit Option (NDO) allows tenants to move quickly, and easily, with no rental deposit. Rather than paying a large deposit upfront, you can instead pay a small monthly fee* and enjoy deposit-free renting. It is part of The Residency membership, and in exchange for this fee, tenants will benefit from:
- Deposit-free renting - allowing you to move home more quickly
- Credit history contribution - all rental payments made by tenants under the NDO scheme will build help you build up your Experian Credit Report
- Virgin Media savings - you can receive up to £100 in credit towards your media bundle when renting with Leaders
- Discounts on domestic appliances - you can receive great savings on Russell Hobbs appliances
- Access to legal helpline - you're entitled to free and impartial legal advice via our free 24/7 hotline
- First-time buyer advice - and you'll also get access to free advice on how you can take a step onto the property ladder, if this is a goal you're working towards!
Click here to find out more about The Residency membership scheme.
What are the main benefits of Zero Deposit Scheme for tenants?
“Under the traditional deposit scheme, tenants often delay moves in order to save up the upfront deposit. Not only does this often delay moves but, it can also make moving from one rental property into another increasingly difficult, as the deposit for the new property is often required before the deposit from the existing property has been released. With deposit free renting, this is no longer an issue” explains Allison Thompson, Lettings Managing Director at Leaders.
"Currently, rental payments don’t positively impact a tenant’s credit history even though rent is often the largest regular payment many tenants make. In exchange for the small monthly fee, Leaders’ tenants will benefit from Experian tracking their rental payments to ensure those who pay in full and on time, see a positive impact on their statutory Credit Report."
Looking for your new home? Check out our No Deposit Option properties.
What does 0 Deposit Homes mean for landlords?
When piloting this new product, many landlords asked the same two questions; “How can there be no deposit?” and, “What happens if the tenant damages my property?”
Landlords can rest assured that, properties marketed under the zero deposit option scheme will be indemnified by Leaders for the equivalent of 7 weeks’ rent – that’s 40% more protection than the standard 5-week deposit. If there are damages at the end of the tenancy, we will liaise with the tenant during the check-out process to ensure any issues are rectified before the next tenancy begins.
It’s a win-win, tenants only pay for the work that’s needed and landlords have the peace of mind that repairs are being taken care of. To find out more, read our article How can a landlord benefit from No Deposit schemes?. Or find out the rental value of your home with a instant letting valuation.
Leaders' No Deposit Option (NDO) is part of The Residency membership. With the zero deposit renting option the tenant can pay the monthly membership fee without the need to have the traditional deposit amount tied up for the duration of the tenancy. The tenant will still be liable for any damages at the end of the tenancy and there is a monthly fee to be a Residency member. Both the landlord and the tenant need to agree to the No Deposit Option. * Subject to approval.
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