RedDoor Homes

Reddoor Homes has recognised the potential problems for both landlords and tenants when it comes to deposits on rental properties. With more and more legislation which landlords have to adhere to for holding tenants deposits and the increasing cost of living which may mean tenants can’t afford the upfront cost of a deposit, we thought it was about time something changed!

Deposit Replacement is a warranty product which benefits both the landlord and the tenant. It allows the tenant to move into a property without having to find a large, sometimes unaffordable upfront sum and it covers the landlord for damage to the property.

Benefits for Tenants

No large upfront deposit has to be paid, just a £250 fee to us for providing the warranty cover.

Tenants can move into properties quicker as they won’t have to save for a deposit or wait for their deposit on a previous property to be released from a deposit scheme.

Tenants become a more attractive proposition to landlords as they can move in quicker.

Tenants can move out without the worry of having to wait for their deposit to be repaid to them.

The one off fee provides a deposit replacement warranty for the life of the tenancy, however long that may be.

Benefits for Landlords

Landlords can attract a wider range of tenants by not having to ask them to provide a deposit.

Landlords do not have to worry about holding a tenants deposit in a costly national scheme.

Landlords have damage (dilapidations) cover for up to 3 months rental value. The normal deposit taken from a tenant is between 4 and 6 weeks rent, so the landlord actually has increased protection using smart deposit.

If a claim is accepted, Deposit Replacement process payment within a 14 day period so the landlord doesn’t have to wait too long. This may not be the case if requesting a tenant’s deposit out of a national scheme.

For more information on the Deposit Replacement Warranty please contact us on 01634 814 895