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At Goodfellows we know renting a property can mean paying an expensive upfront deposit. The Zero deposit guarantee makes renting a lot more affordable and only costs the equivalent of one weeks rent. This means you have more freedom and can spend your money on things you love and on your new home rather than a hefty deposit.
How does it work?
1. Find a property
When you have found the perfect rental property get in touch with your local Goodfellows branch who can find out if the property is eligible for the Zero deposit guarantee scheme.
2. Zero Deposit quote
Rather than paying the traditional security deposit opt in for the zero deposit guarantee scheme. Our friendly team will provide you with a quote which will be equivalent to 1 weeks rent. If happy with the quote you will make the payment before moving in, this is non refundable.
3. End of tenancy
At the end of the tenancy if the property has returned in an acceptable state with no damages or unpaid rent there is no further action required. If the landlord wants to claim money for any damage you will be given the option to pay this figure however it it you can't settle a dispute with your landlord the claim will be sent to TDS to reviewed.
The Zero Deposit Guarantee provides your landlord with protection if you do not pay them directly for the cost of any financial loss or damage due.
A Zero Deposit Guarantee is offered to you as choice, so if you prefer to pay a traditional deposit, you can. With a traditional deposit your money will be returned to you if there is no financial loss or damage due to the landlord at the end of the tenancy.
You remain completely responsible for any financial loss or damage due to the landlord, as you would with a traditional deposit.
The cost of the Zero Deposit Guarantee is not returned to you at the end of your tenancy or offset against any claim by the landlord.
If you dispute your landlord's claim and our expert evaluation partner finds in your landlord's favour, we will settle with them and then seek reimbursement from you. Failure to pay us at this stage will result in us passing your debt to a debt collection agency which may incur further costs for you and could affect your credit rating.
There is a annual admin fee of £26 per tenancy collected every year by Direct Debit from the first anniversary until the end of the tenancy.
Zero Deposit is a trading name of Global Property Ventures Limited (10328435), which is registered at Business and Technology Centre, Bessemer Drive, Stevenage, SG1 2DX. Global Property Ventures is an insurance intermediary and is authorised and regulated by the Financial Conduct Authority. You can find details of this at register.fca.org.uk, by searching for the company name or reference number, which is 797026.
The Zero Deposit Guarantee is underwritten by Great Lakes Insurance SE. Great Lakes Insurance SE is a German insurance company with its headquarters at Königinstraße 107, 80802 Munich. Registered with the commercial register of the local court of Munich under number: HRB 230378 UK Branch office: Plantation Place, 30 Fenchurch Street, London, EC3M 3AJ. Great Lakes Insurance SE UK Branch is authorised by the Bundesanstalt für Finanzdienstleistungsaufsicht and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from Zero Deposit on request.