Vouch, a tenant referencing platform, has partnered with Reposit.
Reposit is a deposit replacement product, which enables letting and estate agents to let properties on a deposit-free basis, whilst ensuring landlords are protected for eight weeks’ worth of rent.
Simon Tillyer, director of Vouch, said: “Coming after the Tenant Fees Act 2018, which introduced a five weeks’ cap on security deposits, we are also proud to offer our agents an alternative that guarantees up to eight weeks of property protection.
“Not only do agents get the added benefit of commission, but we are relieving the financial pressure on tenants at this critical and uncertain time.”
The deposit alternative works by offering tenants the opportunity to forego the traditional upfront deposit payment of five week’s rent, and instead asks for a non-refundable service charge of just one week’s rent.
As part of the agreement, Reposit can be managed online via the Vouch app.
Tillyer added: “Amidst the growing challenges landlords, agents, and tenants face as a result of the pandemic, we are delighted to be partnering with Reposit to offer a reliable alternative to traditional deposit payments.”
Ben Grech, chief executive of Reposit, said: “At Reposit we have been working hard to make sure that our product is the best option for agents, landlords and tenants alike.
“Specifically, we offer the most cover for landlords, the most competitive price for tenants and the highest commissions for agents.
“Our FCA authorised status shows that we hold ourselves to the highest standards and always operate in a fair and fully-compliant manner.”