What is a Deposit Replacement?
- A Deposit Replacement Membership is a membership for tenants allowing flexible payments and financial freedom.
- Tenants pay a monthly subscription to become a member of the scheme that allows them to avoid a large upfront deposit cost, whilst landlords benefit from the same financial protection as a traditional deposit without the admin or legal requirements that come along with it.
Who is Ome?
Ome are the chosen deposit replacement partner of mydeposits and are the only deposit replacement product that is run by experienced deposit experts.
Ome are re-imagining the rental process to offer unrivalled options for landlords, agents and tenants that supports their specific rental requirements, recognising that every tenancy is different.
- Ome mirrors the standards set by government authorised scheme, mydeposits, so you can rest assured you will receive the same world class deposit experience.
- They use the same independent adjudicators as mydeposits, ensuring reliable and impartial decisions
How does Ome support landlords?
- Landlords get to keep the same five weeks’ rent value of protection to use against any financial loss as a result of damages and unpaid rent – just like a traditional deposit.
- Tenants remain responsible for the condition of the property, rent and bills for the duration of their tenancy even if they miss a membership payment and Ome will honour the landlord’s protection.
How does a tenant benefit?
- Tenants get to replace their cash deposit with a monthly subscription for the duration of their tenancy allowing greater cash flow flexibility and no large upfront rental deposits.
- 9 out of 10 tenants will pay less than £10 a month for their deposit replacement membership.
- No more waiting around for deposit returns when the tenant moves out.
- Tenants no longer have the “double deposit” issue. This is where they one deposit for their current property and another to secure their new property.
- Ome’s Deposit Replacement Membership is a real “Lifetime Deposit” solution.
How much does it cost a tenant to use Ome’s Deposit Replacement Membership?
It’s free for landlords and agents to register with Ome and offer the deposit replacement membership to their tenants.
All fees can be split between the tenant household, 9 out of /10 tenants will pay less than £10 a month each.
Price (inc VAT)
|Set up fee (one off payment)||£30|
|Up to £750||£5|
|£750 – £1250||£10|
|£1250 – £1750||£15|