What is a Zero Deposit Guarantee?
A Zero Deposit Guarantee is an alternative to a traditional tenancy deposit which gives landlords the same cover and protection as having a tenancy deposit in the bank, as well as being cost effective for tenants.
Tenants pay the equivalent of one week’s rent for a Zero Deposit policy, which is non-refundable and gives landlords effectively the same cover as a 6-week tenancy deposit. Tenants remain fully accountable for any damages or unpaid rents.
In the event of any financial loss or damage due to a landlord, this is settled by the tenant. If they dispute the claim, the evidence is sent for expert evaluation. If found in the landlord's favour, we settle the claim with the landlord and recover the costs from the tenants directly, along with any recovery costs. Non-payment by the tenant may impact on their credit history.
Why would landlords choose a Zero Deposit Guarantee Scheme?
- Speeds up the rental process
Zero Deposit helps tenants reduce the upfront cost of renting, which can help speed up the process and reduce void periods.
- Provides security & protection
A Zero Deposit Guarantee provides effectively the same cover as a 6-week tenancy deposit and is underwritten by Great Lakes Insurance SE.
- Helps to attract a wider audience
By giving you the potential to attract a wider audience of tenants, you can increase demand and reduce the time taken to rent.
- Supports accountable tenants
Tenants remain fully accountable for looking after your property and making rental payments, with us only making payment to you in the event of a fair claim at the end of the tenancy. Claim disputes are settled by The Dispute Service (TDS) and we will pay you within two working days.
- Reduces paperwork & hassle
A Zero Deposit policy is not a traditional deposit, so it doesn’t need to be registered with one of the deposit protection schemes, which can save landlords time and money.
To help make your property stand out to the widest possible tenant audience speak to a member of our team or for more information visit zerodeposit.com or call 0333 200 2541
Zero Deposit is a trading name of Global Property Ventures Limited, the head office of which is at Business & Technology Centre, Bessemer Drive, Stevenage, SG1 2DX (company number 10328435). Global Property Ventures is authorised and regulated by the Financial Conduct Authority and can be found on the Financial Services Register (firm reference number 797026).
The Zero Deposit Guarantee is provided by Great Lakes Insurance SE, UK branch office. Great Lakes Insurance SE is a German insurance company with its headquarters at Königinstraße 107, 80802 Munich. It is registered with the commercial register of the local court of Munich under number: HRB 230378. The UK Branch office is at Plantation Place, 30 Fenchurch Street, London, EC3M 3AJ. Great Lakes Insurance SE UK Branch is authorised by the German Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and subject to limited regulation by the Financial Conduct Authority and the Prudential Regulation Authority.