What is a Lifetime deposit?
Moving home can be a hassle, which is why we’d like to make things just that bit easier with the Lifetime Deposit.
With a Lifetime Deposit, you can use your existing deposit towards your next place when you move, essentially moving your deposit from one property to another.
Your old landlord will most likely hold onto your deposit until you've moved out, so we lend you that money which means you can move straight away. Once you've settled into your new home, you can repay the Lifetime Deposit with your old deposit.
Who can get a Lifetime deposit?
To be eligible to apply for a Lifetime Deposit, you must:
Be 18 years of age or over.
Live in the UK for a minimum of six months.
Have a UK bank account.
Have an existing deposit protected in a UK Deposit Scheme.
Be using the credit to pay a new deposit for a rental home protected in a UK Deposit Scheme.
Have a verifiable email address.
Have a verifiable phone number.
Need to be moving to an address in England or Wales.
We aren’t able to support applications for anyone looking to move to Scotland or Northern Ireland at this moment in time.
How does it work?
When you make an application, we carry out a soft credit check, which doesn't affect your credit file. We assess this information to see if you’re eligible for a Lifetime Deposit.
If you’re eligible for a Lifetime Deposit, we’ll pay your deposit to your chosen Estate Agent.
The amount we can lend you is made up of the value of your old deposit (or if you live with housemates, your existing deposit divided by the number of tenants on the certificate). If the deposit for your new property is higher than the amount we can lend, you can make a top-up payment immediately to pay the difference.
When you apply, we’ll ask you a few questions about your current deposit, and prompt you to attach a copy of your Deposit Certificate. This is required so we can verify the details with the relevant Deposit Scheme your deposit is protected with.
Before you can use the Lifetime Deposit, you’ll need to pay us a fee of £49.95 in advance. If your new deposit is more than the amount you can borrow from us, you’ll also need to pay the difference in advance. If you need to make a top-up because your new deposit is higher, you’ll make both payments at the same time.
Once your application has been approved and you’ve found a new property, you’ll be able to login to your account and view key information about your loan and your full loan agreement. You’ll need to read through this carefully and once you’re happy, you can agree to the terms.
We’ll then send you a copy of your loan agreement via email for your records.
When you’ve agreed to take out the loan, the next step is to pay your fee plus any top-up amount and set up your Direct Debit Instruction so that we can collect your repayments. After you do this, we’ll send the funds over to your new Estate Agent within 1 working day.
When we’ve sent the funds to the Estate Agent, you’ll have 90 days to repay your loan. This means that once you've settled into your new home, you can repay the Lifetime Deposit balance with your old deposit and you’ve got some time for your old landlord to pay the deposit back to you.
If there are any deductions on your old deposit, you still have to repay the full deposit amount to us.
How long will my approval last?
If your application has been approved but you haven’t quite found a new place yet, your approval for a Lifetime Deposit is valid for 30 days.
After that time we might need to check if your application is still eligible.
What if I live with housemates and we split the deposit?
If you live with housemates and you split the old deposit between you, the maximum amount of your Lifetime Deposit (the amount we can lend you) will be determined by the value of your existing deposit, divided by the number of tenants on the certificate.
If there’s a dispute with my deposit, what happens?
On some occasions, you may end up in a dispute with your landlord, Estate Agent or between your housemates after you move out.
We aren’t able to help out with the dispute itself, but we did write a handy article here which tells you all you need to know about minimising the deductions on your current deposit.
How to register for a Lifetime Deposit
It’s quick and easy to register for a Lifetime Deposit, all you need to do is head over to this page on our website and follow the steps to get started.
Entering your details
We’ll need a few details from you, including:
Your full name
Your current email address
Your date of birth
Your phone number
Your current address including any previous addresses over the last 2 years
Your current deposit amount (as shown on your certificate)
Once you’ve entered these details, you can submit the form to us.
We’ll carry out a soft credit check
After you’ve entered your details, we carry out a soft credit check, which doesn't affect your credit file and we assess the information to see if you’re eligible for a Lifetime Deposit.
If you’d like to learn more about how a soft credit check works, you can find all the information you need in this article.
After we’ve assessed your details, we'll let you know if you’re eligible for a Lifetime Deposit.
Your Deposit Certificate
When you apply, we’ll ask you a few questions about your current deposit, and prompt you to attach a copy of your Deposit Certificate. This is required so we can verify the deposit information.
If you don’t have access to your Deposit Certificate or you aren’t sure where to find it, we wrote a handy guide to help you out with this.
What happens after I send over my Deposit Certificate?
We verify your deposit details
We’ll contact the relevant Deposit Scheme to verify the information on your Deposit Certificate. If we need any additional information or we need to ask you any questions, we’ll get in touch.
You let us know the details for your new property
The details we’ll need from you are:
Your new rental address
Your Estate Agent’s bank details
Your new deposit amount
Your payment reference
We send over your loan agreement
Once we’ve verified the information on your Deposit Certificate with the Deposit Scheme, your application has been approved and you’ve found a new property, you’ll be able to view key information about your loan and your full loan agreement in your account.
You’ll need to carefully read through this document and agree to it before we can proceed with the next steps. Once you’ve agreed to the terms, we’ll send you a copy of your loan agreement via email for your records.
You pay your fee and any top-up amount
There's a fixed-fee of £49.95 to move your deposit, but once you make your initial payment, we’ll securely send the deposit to your Estate Agent.
Once you’ve found a new property, if your new deposit is higher than the amount we can lend you, you’ll be asked to make a top-up payment. This payment will be taken at the same time you pay the setup fee. This payment will need to be paid before we can get any funds to your Estate Agent. If we don’t receive the funds in advance, we won’t be able to proceed any further with your loan.
For some more information on fees, repaying your loan and what happens if you miss a repayment, please click here.
Sending the funds to your Estate Agent
Once you’ve agreed to the loan terms and made your payments (the fee and any top-up amount) we’ll send the funds for your new deposit to your Estate Agent within 1 working day.
When we’ve sent the funds to the Estate Agent, you’ll have 90 days to repay your loan. This gives you some time to settle into your new home 🏡
If you do have any further questions, you can chat to us via the ‘Contact Us’ option in the menu bar, send us an email to: [email protected] or give us a ring on 0203 870 2830.