Rent Deposit Scheme information for Landlords
The Rent Deposit Scheme is an interest-free loan that helps cover the cost of a tenancy deposit or rent in advance
You or a letting agent will get the deposit from us. This can be a cheque, direct bank transfer, or a bond guarantee certificate.
The law requires that cash deposits are registered with a deposit protection scheme throughout the tenancy. You may be charged for this. However, bond guarantee certificates don’t need to be registered.
We will give you a deposit equal to one month’s rent. The tenant will pay this back to us in regular instalments. If you don’t make a claim on this at the end of the tenancy, we will refund the deposit to your tenant.
The deposit will cover damage to the property and inventory items caused by the tenant or their guests, along with rent-related debt. You must provide a rent statement for this. The deposit does not cover any agency fees.
Rent in advance
We will pay you one month’s rent in advance, which the tenant will pay back to us in regular instalments. This doesn’t cover any damage to the property.
Terms and conditions
You will need to sign a landlord agreement before we can pay you. If you can’t sign this, a letting agent can sign it on your behalf.
Here is an outline of the main conditions:
- You must tell us when the tenancy is over, within the agreed timeframe
- You must regularly inspect the property
- You must make every effort to collect rent arrears
The full terms and conditions are explained in full on the paperwork you sign when you join the scheme.