Some agents allied with deposit alternative service flatfair - and who previously offered the service to new tenants - are now going to extend it to existing renters as well.
Flatfair says participating agents include Spicerhaart and a number of Hunters branches, and believes this will effectively unlock millions of pounds in the coming months.
It says the existing average deposit is over £1,400.
“We all feel the financial strain in the run up to Christmas, which is why we’re pleased to be offering some light at the end of the tunnel” explains flatfair chief executive Franz Doerr.
“It’s our mission to put millions of pounds that are pointlessly locked away back in the pockets of tenants across the UK, while providing landlords with the cover they need.”
And Elisa Bayliss, assistant lettings manager at Hunters Bingley, adds: “Hunters Bingley have been using the flatfair deposit alternative for around two years now … we have recently got on board with unlocking traditional deposits, with flatfair deposit unlocking. All the landlord feedback so far has been extremely positive, and landlords are happy to offer it to good tenants, whilst doubling their protection.”