In this article, we’ll go over how we calculate the Transfer Fee, how repayments work and what happens if you aren’t able to make your repayment on time.

Before you can use our deposit transfer service, you’ll need to pay us a Transfer Fee 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, we call this a Deposit Top-up Amount. Some partners we work with also ask us to collect the first month’s rent in advance. If you are required to send these funds in advance, we’ll provide you with a breakdown of all the costs which you can view when you go through your application.

You’ll need to make this payment before we can get any funds to your estate agent.

All upfront payments must be paid by using a valid UK bank account that is registered in your name.

Over time, the cost of our Transfer Fee has varied. We’ve included details on our different pricing structures below:

Once your application is approved and 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 in advance.

You may also be asked to pay your rent payment in advance (minus any holding deposit)

Example 1:

Max is moving into a new house and needs to pay a deposit of £1,500. Their existing deposit is £1,000.

Max is approved for a £1,000 credit limit, which is the total amount of funds they can borrow from us. Max will also need to pay a Deposit Top-up payment of £500 and an Upfront Rent payment of £1,500.

Max’s Transfer Fee will be: £69.

The total amount they’ll need to pay in advance, including their Deposit Top-up Amount, Transfer Fee and Upfront Rent Payment will be: £2,069. We’ve included a breakdown of the payments below:

Transfer Fee: £69

Deposit top-up: £500

Upfront Rent Payment: £1,500

Total Upfront: £2,069

Example 2:

Taylor is moving into a new flat with their current housemate and needs to pay a deposit of £500. Their existing deposit is £1,000 in total.

Taylor is approved for a £500 credit limit, which is the value of their share of the full deposit and the total amount of funds they can borrow from us. Taylor also needs to pay an Upfront Rent payment of £500, they have already paid a £100 Holding Deposit.

Taylor’s Transfer Fee will be: £69

The total amount they’ll need to pay in advance, including their Transfer Fee, Upfront Rent Payment (deducting the Holding Deposit they’ve already paid) will be: £469. We’ve included breakdown of payments below:

Transfer Fee: £69

Upfront Rent Payment: £500

Holding Deposit: -£100

Total Upfront: £469

Any top-up payments will be taken at the same time you pay the Transfer Fee.

After you carefully read through the loan agreement and agree to taking out the loan, you can make the payment for the set up fee and any top-up amounts. This is a payment you need to make in advance, so it’ll be taken from your bank account right away. All upfront payments must be paid by using a valid UK bank account that is registered in your name

The details we need from you are:

To make things easier for you, we ask for your bank details to get a Direct Debit set up at the same time you’re setting up your initial payment to us.

Don’t worry, you won’t have to pay your full deposit amount right away.

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 and you’ve got some time for your old landlord to pay the deposit back to you 🏡

If you’re experiencing financial difficulties and you may not be able to make your repayment on time, please get in touch with us as soon as you can so we can talk through our options with you.

If you miss a payment, it could have severe consequences and you will be charged a £12 late payment fee.

We’ll report any missed payments to credit reference agencies, which can affect your credit score and may make it more difficult for you to borrow funds in the future.

Not being able to make your loan repayment with us doesn’t affect your deposit being protected in one of the schemes or impact your rights as a renter

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.