A partnership by Reposit with property management company Way of Life, will provide its customers the choice of using Reposit as an alternative to tenancy deposit schemes.
Reposit has extended its cover from six to eight weeks, covering all bases from rent arrears to cleaning and damages costs.
Founded in 2015, Reposit provides an alternative to the standard tenancy deposit, easing cash flow for renters by enabling them to secure a property with one week’s rent.
Way of Life currently manages 550 homes, with another 300 launching this summer. Its customers have the choice of purchasing a Reposit with just one week’s rent, plus an annual fee of £30 should they stay for more than one year in their home. Way of Life becomes a named beneficiary on the Reposit insurance policy and is protected for up to eight weeks’ rent, for anything a traditional tenancy deposit would have covered.
Reposit CEO Jude Greer, said, “We’re excited to partner with Way of Life as its dedication to service aligns with the offering we provide at Reposit.”
Way of Life’s MD, Sowgol Zarinchang, added, “After looking at the various deposit replacement offerings, we chose to partner up with Reposit to offer a viable option to our customers. Its ease of integration into our services and the dedication towards compliance under FCA regulation and FSCS protection made the choice easy.”