Leading independent estate agency chain Pattinson has struck a deal with insurance-based deposits replacement service Reposit to offer tenants an alternative to paying a cash deposit.
The 26-branch North East-based agency is the latest property firm to sign up to partner with Reposit including branches of Martin & Co, Northwood and websites Tenant Shop and UKtenantdata.
Pattinson is to offer Reposit to all new tenants across its network that pass referencing.
The agency is the largest of its kind in the region and has a hefty client base of landlords with properties rented for between £275pcm to £2,000pcm.
Pattinson says it decided to offer an alternative deposit product to its tenants because the service appeals to those renting in a wide range of rental sectors.
Like many of its competitors in this market, Reposit charges one week’s rent as a service fee upfront. For Pattinson’s tenants, this would average at £119, compared to £595 in a traditional deposit scheme.
Jonathan Parker (left), Pattinson’s Head of Residential Lettings, says: “As a company it is important that we are at the forefront of change and embrace new solutions to existing issues.
“The eight weeks of cover for our landlords was a key consideration, especially with traditional monetary deposits being capped at five week’s rent after the 1st of June. Reducing move in costs will naturally be an attractive option for tenants when it comes to selecting a property.”
Reposit is underwritten by Lloyds of London, is FCA authorised and provides FSCS protection for customers.