In this article, we’ll be going over the Lifetime Deposit fee, how repayments work and what happens if you aren’t able to make your repayment on time.
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, we call this a top-up amount. If you need to make a top-up because your new deposit is higher, you’ll make both payments at the same time.
Paying the set up fee
The fee to use the Lifetime Deposit is £49.95 and you’ll need to pay this to us in advance.
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.
Making a top-up
Once your application has been 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.
The top-up payment will be taken at the same time you pay the setup fee.
How to make a payment
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.
The details we need from you are:
Your country of residence
Your first and last name
Your email address
Your billing address
Your account number and sort code
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 🏡
What happens if I’m not able to repay on time?
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.