UK rental guarantor service – Housing Hand – has revealed details of its new Depositless renting service, which will allow renters to move into a property without a deposit. The service will be available to UK students, overseas students and working professionals.
This new approach to deposits is rolled into Housing Hand’s guarantor service, which renters can use in place of a personal guarantor. The service provides the reassurance that purpose-built student accommodation providers (PBSA) need – to protect them if tenants default on their rent.
“There are a number of deposit alternative products on the market, in particular insurance bonds that are limited in their scope and coverage and that only pay out at the end of the tenancy. We wanted to go above and beyond those – to offer something that would be better for renters and better for accommodation providers.”James Maguire, Head of Sales and Business Development, Housing Hand
The Depositless service means that tenants can move in without a deposit, as that is now covered as part of the Housing Hand guarantee. Claims are covered straight away – opposed to landlords having to wait until the end of the tenancy – in addition to the terms of the regular guarantee. Housing Hand upholds a 100% payout rate on all valid claims.
“This is a new approach to deposits. By extending our guarantee cover to include deposits, we are providing clear reassurance to landlords. We’re also facilitating access to the private rented sector and to purpose-built student accommodation for young people who might otherwise have struggled to come up with the amount required for a deposit.”Terry Mason, Group Operations Director, Housing Hand
Depositless renting is one of a variety of new services that Housing Hand has developed since the start of the pandemic. An early appreciation of the pandemic’s likely impact on renters led the firm to invest inward, resulting in it launching a free-to-use new House Finder Service earlier this year. That was followed by the release of a new Partner Portal to support accommodation provides to grow their revenue. Depositless renting has become the latest service to make renting easier for all concerned.