UK lettings and landlord insurance firm Hamilton Fraser has launched its own in-house deposit alternative brand, Ome.
Ome will be the vehicle for Hamilton Fraser’s Deposit Replacement Membership.
It has been designed as a cashflow solution to provide an option that doesn’t require a large upfront sum for those tenants that would prefer financial flexibility.
Matthew Hooker, co-founder of Ome, said: “Ome is about offering choice and transparency within the market rather than completely rewriting the tenancy deposit rulebook and I think Ome’s Deposit Replacement Membership will be the “go-to” option for many renters and will complement the traditional deposit schemes in today’s rental market.
“Hamilton Fraser provides such a wealth of resources at our fingertips and has a rich history of expanding and improving its consumer offering.
“As a result, we are in a strong position to offer the best deposit replacement product available today in Ome, whilst also driving positive change in the UK rental sector and, like Hamilton Fraser, we will continue to raise industry standards.”
Ome will also provide landlords with the exact same financial protections that they would receive with a traditional deposit scheme.
It will operate independently but with the support and entire resources of the Hamilton Fraser Group.
Hamilton Fraser said Ome will look to tackle existing industry issues through an open approach, ensuring every tenant and landlord is aware of the pros and cons of deposit protection options.
Eddie Hooker, group chief executive at Hamilton Fraser, added: “Hamilton Fraser is one of the country’s leading specialists in landlord and tenants’ services and products and is well-known as an expert in the sector.
“Therefore, the launch of Ome is complemented by the huge resource and credibility that the family group provides.
“When you think about it, a deposit alternative product is a very natural expansion for us because we know the space so very well and we’ve been asked by our many landlord and agent clients to provide one.
“Hamilton Fraser’s business ethos is to offer products that protect businesses and consumers, to provide market-leading customer service and to educate the market where we can.
“With this mission to raise standards in the private rental sector, the next natural step was to challenge the new crop of deposit products and demonstrate ourselves the standards that should be expected within the sector.”
Ome will require landlords and agents to perform property inventories and check-in and check-out reports.