How does a deposit transfer work?
With our deposit transfer service, you can use your existing deposit towards the rental deposit on your next place when you move, essentially transferring your deposit from one property to another.
Your old landlord will most likely hold onto your deposit until you've moved out, meaning you have to save up for a whole new deposit when you move. With Fronted, we lend you the deposit for your new place using your existing deposit as collateral, so you can get moving right away and you don’t have to wait.
You'll have 90 days to repay your loan, giving you plenty of time to get your old deposit back.
When should I apply?
If you’re planning to move soon and you already found a new place or you’re actively looking for one, this is the perfect time to apply ⏰
If I’m approved, how long will my approval last?
If you’re still looking for a place to move into after you’ve been approved, don’t worry - your approval is valid for 30 days.
After those 30 days have passed, we may need to recheck your application.
Rechecking your application means that we’ll carry out another soft credit check and we’ll check the details of your deposit to confirm it is still valid.
Where can I find my 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 details with the relevant Deposit Scheme your deposit is protected with.
If you don’t know how to find your certificate, please view our guide on this here.
What happens if my new deposit is higher than my old one?
When you’ve found a new place, if the new deposit is higher than the amount we can lend you, you’ll be asked to make a top-up payment to cover the difference.
What does it cost?
Before you can use our transfer service, you’ll need to pay us a Transfer Fee in advance. Your Transfer Fee will be a variable amount, which is a combination of a £40 admin fee and a loan fee based on 4.5% of the amount of funds you borrow from us. If you made an application with us before 09/11/2022, your Transfer Fee will be a fixed amount of £49.95.
When do the fee and any top up payments get taken?
The Transfer Fee fee is paid at the same time as any top-ups you need to make if your new deposit amount is higher than your old one.
These payments will need to be paid before we can get any funds sent over 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. All upfront payments must be paid by using a valid UK bank account that is registered in your name.
If you’d like more information on fees, top-ups, repaying your loan and what happens if you miss your repayment date, please click here.
How long do I have to repay the loan?
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 with no interest. This gives you some time to relax and settle into your new home without having to worry about repaying us right away
Please send over an email to [email protected] or start a chat via the ‘Contact Us’ option in the menu bar so we can help.