Leading Deposit Protection Provider Cuts Costs

by Property118.com News Team

13:40 PM, 1st March 2013
About 8 years ago

Leading Deposit Protection Provider Cuts Costs

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Leading Deposit Protection Provider Cuts Costs

Leading Deposit Protection Provider Cuts CostsThe biggest landlord provider of Tenancy Deposit Protection (TDP) in England & Wales, has announced it is to reduce its fees from the 1st April.

The changes, which recognise the rising value of deposits, mean that the scheme continues to provide benefits to its members regardless of the value of the deposit they take.

The new pricing means that landlords who take deposits of over £500 will be able to protect it for as little as £24* – a 20 per cent reduction from last year. It will cost only £18* to protect deposits under £500 in value.

The cost of protection covers the fixed term AST agreement period plus any statutory periodic extension.

Eddie Hooker, Chief Executive, my|deposits, said:

“As the largest landlord provider of deposit protection in England & Wales we must continue to invest in the scheme and we hope that these changes will help improve the experience for our members.

“Whether for landlords or agents we’ve reduced our prices year on year since 2007 and this year is no different.  This is testament to why over 90,000 landlords choose for their deposit protection needs.

“The value of deposits taken by landlords is also on the rise and we wanted to recognise this by improving fees for those who typically take smaller deposits, too.”

For a full break down of new the pricing scheme, visit www.mydeposits.co.uk/landlords/pricing/1-April-2013 or call 0844 980 0290.

Letting Agents are being offered a better deal too

Letting agents with Client Money Protection insurance (CMP) will now benefit from reduced protection fees of just £10.

The cost of protection covers the fixed term AST agreement period plus any statutory periodic extension.

The scheme is also rolling out a new annual pricing model which will offer even greater savings for letting agents depending on the number of deposits they register and the ratio of disputes they receive.

For a full break down of new the pricing for agents, please visit the new fees page www.mydeposits.co.uk/letting-agents/pricing/1-April-2013 or call 0844 980 0290.


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Comments

10:08 AM, 3rd March 2013
About 8 years ago

Hardly worth the cost of a press release - rates quoted are not the lowest in the market for either landlords or agents. I still pay cheaper rates with TDS (£22.50 over £500 and £15 if under - and sometimes get 20% off with a discount code) Agents can get as low as £3.60 according to the TDS website. So the press release confirms that mydeposits are in fact the most expensive. Thanks for letting us know!!


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