Tenancy deposit alternative Reposit has announced a partnership with Pattinson, the largest independent agency network in the North East.
The 26-branch network will now offer Reposit to all new tenants who pass referencing at a cost of £119 for the agency's typical renter.
Reposit's deposit alternative requires one week's rent upfront and adds the landlord to a group insurance policy which is approved by the Financial Conduct Authority and protected by the Financial Services Compensation Scheme.
Under the alternative product, described as ‘InsurTech’, the tenant remains responsible for any breach of the tenancy agreement and any respective costs at the end, as they are with a traditional deposit.
Despite deposit replacement products often being seen as a solution for the lower end of the rental market, Reposit argues that they represent an effective option for 'virtually all renters'.
It says this is because those renting at the higher end of the market have more to save upfront, given the higher deposits required for those properties.
"It is important that we are at the forefront of change and embrace new solutions to existing issues," says Jonathan Parker, Pattinson’s head of residential lettings.
"The eight weeks of cover for our landlords was a key consideration, especially with traditional monetary deposits being capped at five weeks' worth of rent come June 1."
"Reducing move in costs will naturally be an attractive option for tenants when it comes to selecting a property."
He says the agency is keen to offer tenants an 'informed choice over what route suits their circumstances best'.
Jude Greer, Reposit chief executive, comments: "It is great to partner with another major residential lettings agency. We are proud to be able to extend our offering to the North East."
"We have been impressed with the attention to detail driven approach of Jonathan and the team at Pattinson when it came to selecting us as a partner. We look forward to working with them for many years to come."