Deposit Schemes

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    Deposit Schemes

    Apologies if this has been covered before. Have landlords on here had any negative experiences with the so called 0 deposit schemes whereby prospective tenants pay only one week's rent as a premium to a third party provider, the latter being responsible for compensating the landlord in the event of any justifiable repair costs at the end of the tenancy?
    Any comment welcome.

    I wouldn't touch tenants needing this scheme because it demonstrates they don't have enough income spare to prioritise saving for a deposit. I prefer my tenants to have money in the bank, at least enough to cover a year's rent.


      Being able to front up a deposit is a part of my letting criteria.


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          I prefer my tenants to have paid a deposit. It gives them an investment in the condition of the property when they hand it back to me, and an incentive of the lump sum back if it's in good condition. If there's nothing to lose, I think they'd be less likely to care as much about how it is they hand it back.

          Putting things right takes time and keeps the property off the market whie work is being done.

          That said, I don't like holding back any of their deposit. I'll ignore small things if they have been generally good tenants who have been there a few years.


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