Our biggest innovation since launch with next generation of deposit protection

Major technology investment brings insured and custodial deposit protection together on a single platform, alongside a new membership model designed to simplify administration and deliver better value for members.

After protecting millions of tenancy deposits since 2007, mydeposits has unveiled the biggest transformation to its insured-backed deposit protection service since launch. The updates bring the service onto the Total Property platform and introduce a redesigned membership model built around the needs of today’s private rented sector.

The transformation follows a significant investment in technology and reflects how much the private rented sector has changed. Landlords today face greater regulation, increasing administrative demands and higher expectations than ever before, while technology has changed the way people expect services to work. In response, mydeposits has rethought how deposit protection should work in the current rental market.

Total Property platform

Central to the launch is Total Property, the technology platform that already powers mydeposits’ custodial deposit protection scheme. It will now also support mydeposits’ insured-backed deposit protection service, bringing both schemes together for the first time on a single, streamlined platform. Alongside a more secure digital experience, Total Property introduces a redesigned membership model intended to simplify administration, provide greater flexibility and create a platform that can continue evolving alongside the sector.

Membership model

Under the new membership model, the fee will be based on the number of deposit allocations members require. With our new pricing structure, the more deposit allocations you purchase, the lower the cost per protection and these can be used throughout the 12 month period. The membership lasts for 12 months and includes continued access to all the benefits of mydeposits. At renewal, members simply select the number of allocations they need for the next membership year and pay the corresponding annual membership fee.

This means members only need enough allocations to cover their active protected deposits at any one time, saving them time and removing the need to purchase a new protection each time a tenancy changes.

The new pricing structure has been designed to deliver better value for landlords. mydeposits has reduced its maximum price per deposit allocation to just £22 per year including VAT. Combined with the flexibility to reuse deposit allocations throughout the membership period, many landlords will benefit from a lower average cost per protected deposit than under the previous one-off payment model. For portfolio landlords, the average cost per protected deposit reduces further as the number of active protections increases.

Key features

Members will also benefit from a modern and innovative platform, enhanced resolution services and a programme of ongoing improvements as Total Property continues to evolve. Members will complete an end of tenancy negotiation process within the Total Property platform for every protection and can provide a breakdown of settlements they need to make to the deposit. They can upload all supporting evidence to each proposed settlement and tenants can view and either accept or make counter offers. If both parties are unable to reach an agreement through negotiation, they will be required to use mydeposits’ free award-winning resolution process.

Both the insured-backed and custodial deposit protection schemes are now available through the Total Property platform. This gives members a single place to access and manage their preferred deposit protection solution through one account, while providing greater flexibility and a more streamlined member experience. NRLA members also save a third on the cost of their deposit protection. Their discount will now be applied automatically at renewal, removing the need to manually enter promotional codes.

Current insured backed members will be transferred to the Total Property platform automatically, with existing protections remaining valid and no requirement to re-register deposits or take any action to maintain protection.

Eddie Hooker, CEO of mydeposits, said:

“The private rented sector has changed dramatically over the last 20 years, and so has the way landlords manage property. They are operating in an increasingly complex environment. At the same time, technology has transformed how people expect services to work. We know that the services that support landlords need to evolve too, and that has driven our biggest investment in insured deposit protection since mydeposits was established.

We have rethought not just the way members pay for insured deposit protection, but the entire user experience, creating a platform that is simpler, more flexible and designed around how landlords, agents and tenants interact with deposit protection today.

Our aim has always been to remove friction from the renting process. By bringing our insured-backed and custodial schemes together on Total Property and introducing a new membership model, we are giving landlords a smarter way to manage deposit protection while creating a platform that can continue to evolve alongside the private rented sector for years to come.”

Find out more

Dedicated guidance, support resources and a pricing calculator are available to help members understand the new membership model and make the transition to the Total Property platform as straightforward as possible.

Members who prefer not to use the insured-backed scheme will continue to have access to mydeposits’ custodial deposit protection service free of charge through the Total Property platform, ensuring customers can choose the option that best suits their needs.

www.mydeposits.co.uk/total-property