Mydeposits to slash costs for agents with CMP

Mydeposits is cutting its charges to letting agents who have Client Money Protection as from April 1.

The tenancy deposit scheme launched by the National Landlords Association will be just £10 per deposit. Letting agents without CMP insurance will continue to pay £35.

The cost of protection covers the fixed-term AST agreement period plus any statutory periodic extension.

Mydeposits, unlike the TDS, does not limit its membership only to ‘regulated’ agents – those who belong to a recognised body. While initially designed as a ‘pay as you go’ scheme for small landlords, it is also now to introduce annual subscriptions for agents.

This, says the scheme, is designed to offer savings for letting agents depending on the number of deposits they register and the ratio of disputes they receive.

Eddie Hooker, chief executive of the scheme, said: “As a leading provider of deposit protection in England and Wales, we must continue to invest in the scheme and we hope that these changes will help improve the experience for our letting agent members.

“Our pricing policy has remained stable since we began supporting letting agents in 2007, meaning we’ve consistently been able to offer reduced prices year on year. This year is no different.

“As a leading provider of deposit protection, we have a commitment to improving industry standards, and whilst we are the only scheme open to all letting agents, we want to encourage those who are actively making a positive difference in the sector.

“As such, we’re rewarding agents who have CMP insurance with reduced fees and offering further discounts to agents who can demonstrate best practice in tenancy management.

“We constantly strive to be the best deposit protection scheme, and by offering both a flexible pay-as-you-go payment model and a new annual protection model, my|deposits can better support the individual needs of all letting agents, regardless of size.”

For a full breakdown of new the pricing for agents, use the link below.  

See also next story.

www.mydeposits.co.uk/letting-agents/pricing/1-April-2013