The ZPG-backed Zero Deposit service is to be used by growing lettings operation Nick Dunning Associates as an alternative to the traditional security deposit.
It will be offered through Nick Dunning Associates’ Townends brand in London and the Home Counties now and expand into the Stirling Ackroyd brand in September.
The product gives tenants the choice of purchasing a guarantee instead of paying a traditional cash deposit.
They pay a fee of one week's rent to move into a property instead of the typical upfront deposit of six weeks rent.
Zero Deposit also has a partnership with the Tenancy Deposit Scheme, which arbitrates any end of tenancy disputes.
Matthew Hewitt, commercial director at Nick Dunning Associates, says: "Zero Deposit’s offering will reduce the upfront cost of renting for tenants, which in London and the South East where rents are high, is a barrier to moving”.
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