Deposit protection offer in times of hardship

News Category: Management

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A new tenancy deposit protection offer could be of benefit to letting agents managing residential property.

Free annual membership is being offered by mydeposits.co.uk for those already protecting their tenants deposits with the firm.

According to chairman of mydeposits.co.uk, David Salusbury, this financial boost will be a bonus for lettings management during this difficult financial period.

Mr Salusbury noted that he hoped further reductions could be provided in the future.

He also added that landlords and letting agents can face fines of up to three times a tenant's deposit if they do not comply with tenancy deposit protection legislation.

Meanwhile, Paragon Advance recently launched an alternative to deposit protection with its 'No Deposit' insurance product.

Letting agents will be able to insure against damage or loss by tenants for a fixed fee of £145.

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