Reposit – No Deposit Renting

No Deposit Renting

Renting without a deposit

Braemore are proud to announce that we have partnered with Reposit, which is an alternative deposit provider that increases property cover to landlords, helps tenants save on upfront costs with no deposit renting which reduces administrative burden for all. As a forward thinking letting agent in Edinburgh, we want to make sure we offer a comprehensive service.

Key Benefits of Reposit

You pay 1 week worth of a security deposit, not 5.

If you’re a tenant, Instead of paying a 5 weeks’ worth of deposit, you can save on upfront costs by paying the equivalent of 1 week’s rent as a non-refundable service charge to Reposit.

8 weeks’ cover for landlords.

This is used by Reposit to add the landlord to their insurance policy, underwritten by Canopius, a Lloyd’s of London syndicate insurer. The landlord is then given 8 weeks’ protection in the event of tenant defaulting on their liabilities at the end of tenancy.

Fair system for damage and repairs.

Tenants will remain liable for any unreasonable damage or rent arrears at the end of tenancy, keeping the ‘skin in the game’ feeling and ensuring responsible behaviour in the property. If they default on fair payment, Reposit’s insurance will pay the landlord and the tenant’s credit score will be adversely impacted.

Reposit is offered as a perfect alternative.

Reposit should always be an option to tenants instead of a traditional cash deposit.

Reposit Benefits for Tenants

We think it’s crazy having large sums of money stored away in case somebody breaks something – you wouldn’t carry thousands of pounds in your suitcase in case you have an accident on holiday, so why do it when letting a property?

Save on upfront costs when moving

When you rent with Reposit, you pay the equivalent of 1 week’s rent as a non-refundable service charge. Reposit then adds your landlord as a beneficiary to their insurance policy, which brings them some security in lieu of a cash deposit. By saving 4 weeks’ worth of rent, not only can you avoid borrowing money from friends or family but you can spend this money on what you love: furniture, holiday, new wardrobe.

No need to worry about two deposits when moving property

If you’re moving between properties, you don’t need to source a lump sum for the second deposit whilst still waiting to receive the old one back. Simply pay 1 week’s rent as a non-refundable service charge to Reposit and you’re good to move in!

You have protection against rogue landlords

Just like with a traditional deposit, you remain liable for any unreasonable damage or rent arrears at the end of your tenancy. At the end of tenancy, your landlord may claim on the Reposit. It is your right to either agree or dispute the claim. If you choose to dispute, we will ask for you to provide evidence which will be sent off to a third party adjudicator. Adjudication is free excluding when arbiters find the claim to be wholly in landlord’s favour. In this case, you will be charged a £120.00 admin fee and this will be added to the balance owed.

Reposit is offered as a choice 

As a tenant, it is always your choice whether you want to rent your property by using Reposit or a traditional deposit. If you think that a traditional cash deposit may be a better option for you, we are ready to help.

Reposit Benefits for Landlords

We think it’s crazy having large sums of money stored away in case somebody breaks something – you wouldn’t carry thousands of pounds in your suitcase in case you have an accident on holiday, so why do it when letting a property?

3 weeks more tenancy cover than a cash deposit

Free of charge to you, Reposit offers landlords 8 weeks’ cover by adding them as a beneficiary to their insurance policy underwritten by Canopius, a Lloyd’s of London syndicate insurer. In the event that the tenant causes unreasonable damage or has outstanding rent at the end of tenancy, and Reposit is unable to reclaim the funds, their insurer will pay out.

Faster end of tenancy process

Reposit end of tenancy works just like a traditional deposit – except faster and more efficient – in fact, only 19% of all tenancies with Reposit have ended with a claim (this is lower than the national average of 30%) and 99% of submitted claims via Reposit are successfully paid out to the landlord.

At end of tenancy, you may decide to claim on the Reposit. In the event of disputes, these are raised to adjudication via a third party dispute resolution service who will reach a decision within 14 days.

Happy tenants, happy landlords

With over 60% of tenants choosing to use Reposit over a traditional deposit and 40% of users being over the age of 40, Reposit is a product popular amongst all age groups not only students and young professionals.

This is excellent news for you – you can attract more tenants and fill your property quicker. Other partner agents report that offering tenants Reposit reduces void periods by an average of 18 days saving up to £1869 a year.

Reposit is offered as a choice 

As a tenant, it is always your choice whether you want to rent your property by using Reposit or a traditional deposit. If you think that a traditional cash deposit may be a better option for you, we are ready to help.

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