Chancellors is launching deposit-free renting in partnership with Canopy.
Canopy offers landlords eight weeks cover as opposed to the standard five weeks with a cash deposit.
Chancellors has taken out a deposit insurance policy across its managed portfolio.
Tenants renting with Chancellors will simply need to complete Canopy RentPassport and within minutes, find out whether they qualify to rent deposit free.
They will need an Experian Credit score greater than 561 and have no adverse financial history.
Tahir Farooqui, founder and chief executive of Canopy, said: “We are thrilled about our partnership with Chancellors which will allow us to help them secure eight weeks of deposit protection for their landlords, significantly reduce their tenant referencing, whilst also offering tenants renting through Chancellors the choice to rent a property without having to pay either a hefty cash rental deposit, or take out a tenant paid for insurance policy.
“This is great news for tenants in London, where they need to find an average deposit of £3,000 just to secure a lease for a property. In these challenging times, many tenants could really do with the extra cash, currently being held dormant as their cash deposit, being placed back in their pockets.
“Chancellors’ decision to purchase a group deposit insurance policy, across their managed portfolio, will help them serve landlords better, grow their managed rental stock and expand the pool of tenants keen to source a property through them as their preferred agent. Furthermore, tenants will also have access to the dynamic, switch-on/off on-demand insurance products at the most affordable rates, which is our promise to tenants.”
“We are thrilled to partner with Chancellors and we look forward to working with them to offer their landlords and tenants something different to other high street agents, reduce their costs of screening tenants, whilst also helping Chancellors grow top-line revenue through digital, affordable financial products.”
This post has originally been featured in Property Wire.