What is the need for this service?
When looking to move property, many people don’t have the savings or are forced to take out expensive loans, in order to find the money to put down a new deposit and often advanced rent, before getting their old deposit back.
The old deposit will not be returned until the property is vacated and the landlord has reviewed it and potential negotiations on any remedial action have been completed.
The renter needs to provide their new landlord with a deposit before they move in.
From our research, this is a major pain point for renters and as such, one not just for Canopy and Fronted, but the wider market has been trying to solve
What happens if a landlord refuses to transfer the deposit across e.g. if they feel like their property has been damaged?
The process remains exactly the same, there is no impact of this new product on landlords and agents. The landlord and renter would agree on any damage, the remedial action and costs. If a lower amount than the deposit is paid back, to cover damages, the renter will be required to pay the difference
How can I get a Lifetime Deposit?
Just head on over to your Canopy Rent Passports and you can find the link to our partners, Fronted*.
Alternatively, click here.
You can find more details on Lifetime deposits here
*Canopy is a broker and not a lender. This product is provided by Fronted Loans Ltd who are authorised and regulated by the Financial Conduct Authority (FCA No. 933316). Canopy is not associated with Fronted Loans Ltd and may receive a commission from them for introducing you.