How does it work?
1. Find an eligible property
Find a property to rent from Goodfellows and find out if it's eligible for the Zero Deposit Guarantee.
2. Zero Deposit quote
If you would like to opt for the Zero Deposit guarantee, rather than a pay the traditional cash deposit, a Goodfellows member of staff will arrange for Zero Deposit to provide you a quote, which will be equivalent to 1 weeks rent.
3. Review and purchase
If the quote seems right to you after reviewing it, you will be required to make the payment to Zero Deposit.
4. End of tenancy Inventory & Checkout
If the property has been returned in an acceptable state and your landlord does not wish to make a claim, the Zero Deposit guarantee will cease. If the landlord wishes to claim money from you for financial loss or damage due to dilapidations shown in the check-out report, you will be given an option to pay you this figure. If you cannot pay you the agreed figure, Zero Deposit will settle this amount and will seek reimbursement from you.
5. Disputes with Landlords
If you feel the amount your landlord wishes to claim from you is not fair, you will need to provide evidence of this which will be given to the TDS for expert evaluation. The landlord will be asked to do the same.
6. Claims resolved and settled
If the expert finds in the Landlords favour, Zero Deposits will settle the claim with your landlord and seek reimbursement from you directly. Failure to reimburse Zero Deposit will impact your credit history.
- 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.