DepositFree™ also benefits Landlords with faster lets, whilst maintaining high tenant standards and increase revenues with peace-of-mind.
Canopy also works with Institutional Landlords and offers block cover which helps with faster lets. Typically, institutional landlords purchase DepositFree™ policy from Canopy.
Your tenants will need to complete Canopy RentPassport™, a digital tenant screening solution. Canopy Tenant screening solution is FREE for Tenants, Landlords and Letting Agents.
Once your tenant has verified their income and completed credit checks, their instant DepositFree™ quote will be available within "Services" section of their Canopy app. Your tenant can then choose to share their RentPassport™ with yourself or alternatively you are able to request them to share their RentPassport™ and you are then able to generate a DFI policy offer for the tenant to accept.
Digital Tenant referencing solution powered by Experian and Open Banking data.
FREE - UNLIMITED - DIGITAL AND INSTANT TENANT SCREENING
Experian based checks (Processing time: 1min-5min)
- 3 Years Address history
- Soft credit check
- Adverse Financial History (CCJs, IVA and Bankruptcy)
- KYC (Know-Your-Customer)
- AML (Anti-Money Laundering)
Open Banking (Processing time: 5mins, subject to successfully connecting with tenants bank)
- Income Verification
- Rental Affordability (How much a Renter can spend on rent based on annual gross income)
- Rental Payments Verification, if previously renting in the U.K
Manual Income verification (Processing time: max 48hrs)
- Tenants provide proof of income (3 months payslips, bank statements, employment contract)
- Self-employed (tax returns, bank statements)
£3 PLUS VAT FOR EMPLOYMENT AND LANDLORD REFERENCE CHARGED TO LETTINGS AGENT / LANDLORD
- Employment Reference
- Landlord Reference
Canopy DepositFree™ product is designed as an affordable alternative for Generation Rent. We do not aggressively promote DepositFree™ as a "Revenue Generating" product for Estate Agents. Most of the Estate Agents Canopy is working with have refused commission on DepositFree™ product.
If requested by an Estate Agent, then Canopy will match the commission offered by our competitors in the DepositFree™ market.
Assumes £2,000 deposit cover and Tenant is tracking rent during the term of tenancy.
Agent and or Landlord submits £300 claim; claim is evidenced by an inventory check-in & check-out report.
Tenant Accepts claim and pays Landlord directly within 10 working days
“… at the end of tenancy, tenant settles the claim directly with the Landlord “
Tenant does not pay Landlord
“… Agent and or Landlord submits claim at the end of tenancy, Canopy passes the claim to the Insurer – Insurer aims to settle claim within 2 working days - where the insurer makes a payment to the Landlord but the Tenant did not have cover e.g. malicious damage to property the Insurer will look to recover the claim amount from the Tenant”.
Unpaid rent will have an adverse impact on credit score akin to unpaid mobile and utility bills impact credit scores.
However, Renters who pay their rent on time also benefit from Canopy's Free RentTracking™ service, which helps Renters improve their Experian credit score.
Canopy offers Tenants the choice of a cash deposit or deposit free. Tenants are free to choose the product that best meets their needs. Canopy offers deposit free.
Exclusive deals can sometimes have an adverse impact on Landlords and Tenants.
Letting Agents should allow their Landlords and Tenants to choose from variety of DepositFree™ product, based on a Landlord and Tenants needs. Letting Agents should not be choosing for Landlords and Tenants by signing exclusive deals.