Tenants nil deposit scheme

When it comes to moving home, Belvoir Newcastle is fully aware of what an expensive time this can be.

Therefore, we are delighted to offer a ‘Nil Deposit’ option to help reduce costs, free up some money and help make the process, easier, less hassle and more enjoyable. When it comes to moving home, we want to ensure it is an exciting and joyous time.

We work in partnership with a company called Let Alliance, whom also oversee the referencing process, and they will be delighted to offer the Nil Deposit option (subject to terms and landlord agreement). This makes moving home more affordable and provides a great alternative to the standard deposit scheme.

How it works

• Instead of paying a standard deposit, you will pay a non-refundable service charge, which can be as little as one week’s rent plus VAT
• Throughout the tenancy, you will have Tenants Liability insurance in place – This will help protect yourself and the landlord against any accidental damage which can occur during the tenancy. It will cover all fixtures, fittings and furnishings
• At the end of the tenancy you will pay for any damage and or rent arrears. Any disputes will be handled by an independent adjudicator. The scheme is renewable every six months with a £15 payment Inc. VAT made to Let Alliance

A traditional deposit can be up to as much as five weeks, with this payment being held throughout the full length of your tenancy. By using this scheme, this keeps money in your account and will enable you to make the moving process quick and easy. This market leading scheme is available on selected properties, and will be offered upon successful completion of referencing and tenants liability insurance being taken out prior to the tenancy commencing.