A new tenant has advised he has been offered the option of paying his deposit in instalments over 12 months. How will that work if either of us decide to end the tenancy early (ie after 4 month break clause) but the full deposit would not be secured to cover any damages etc?
Hi Peter, thanks for this message. Your tenant may have seen an option to explore whether this is possible, but it’s not something we’re currently offering through the site.
Apologies for any confusion on this front.
If this is an idea that interests you both, then there are several companies which offer deposit replacement products: e.g. loans that are paid back in installments, or special insurance policies that replace the deposit payment.
We do not really endorse any of them, but they are out there if you’re interested!