How does the Lifetime Deposit work?

With a Lifetime Deposit, 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 to get moving again. With a Lifetime Deposit, we lend you the deposit for your new place using your existing deposit amount, so you can get moving right away and you don’t have to wait 🙌

You'll have 90 days to repay your Lifetime Deposit, giving you plenty of time to ensure the return of your old deposit first, with no early repayment fees.

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 for our Lifetime Deposit, 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 to see whether you still meet our lending criteria and we’ll check the details on your Deposit Certificate to confirm your old deposit is still valid.

How do I send over my Deposit Certificate and where can I find it?

When you’ve submitted your details to us, the next step is to send over a .PDF copy of your Deposit Certificate via email so we can verify the details.

The email address you’ll be sending this to is: [email protected]

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?

To use the Lifetime Deposit, you'll need to activate it by paying the one-off setup fee of £49.95.

When do the fee and any top up payments get taken?

The £49.95 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.

You can easily do this by following the steps after you enter the details for your new place 🏠

Both of 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.

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.

Any questions?

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.

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