What is Insurance?

Our insurance scheme means you paid to join mydeposits
and also pay a protection fee that lets you hold the deposit
in your bank account.

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What is Custodial?

Our custodial scheme means that you joined mydeposits
for free and transfer the deposit money to us to hold.

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March 1

2013
by mydeposits
mydeposits Northern Ireland offers introductory pricing

mydeposits Northern Ireland, the government-licensed tenancy deposit scheme, is offering introductory pricing* for landlords and letting agents that choose its insurance-based option.

From the 1st April all landlords and letting agents in Northern Ireland who take a deposit from their tenants will be required to protect it within a government-licensed scheme, such as mydeposits Northern Ireland.

Landlords and letting agents can chose to protect their tenant’s deposit money in either an insurance-based or custodial scheme. The insurance-based option allows landlords and letting agents to hold on to the deposit money whereas the custodial option involves handing the deposit money over the mydeposits Northern Ireland for the duration of the tenancy.

mydeposits Northern Ireland is offering introductory pricing for a six month period in order to encourage landlords and letting agents to engage with the new legislation.

Landlords who chose the insurance-based scheme can protect deposits over £500 in value for just £15. To protect deposits under £500 in value it will cost only £12. The Scheme’s usual application fee will also be waived during this promotional period**.

mydeposits Northern Ireland is open to all letting agents. Those with Client Money Protection (CMP) insurance (e.g. members of ARLA, NALS RICS, UKALA, Law Society) can protect deposits for just £9. Those without CMP insurance or who are not members of a trade body can still protect their tenant’s deposits for £30. Again, the Scheme’s usual application fee will also be waived during this promotional period***.

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

Membership and protection via the custodial scheme for both landlords and agents will be free of charge.

Eddie Hooker, Chief Executive, mydeposits Northern Ireland, said:

“Landlords and letting agents must make sure they are fully prepared for the changes and we hope that our introductory pricing will encourage them to engage with the legislation sooner rather than later.

“Failure to comply could mean they find themselves falling foul of the law, potentially facing heavy penalties as a consequence. As such, we’re hosting deposit workshops across Northern Ireland in order to help landlords and agents understand the new law and their responsibilities.

“The new legislation presents a huge learning curve for landlords and letting agents and we’re looking forward to bringing the experience we have gained in England, Wales and Scotland to support everyone in Northern Ireland.”

Landlords and letting agents who take a deposit from their tenant can access further information about the new legislation and our dispute workshops by visiting the mydeposits Northern Ireland websitewww.mydepositsni.co.uk or by following us on twitter @mydeposits_ni

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