Deposit Alternative allows you to rent your next house without paying an expensive upfront security deposit, and without keeping the money tied up. Looking for your next move is easier than ever, by paying one small fee before moving - valued at up to one week’s rent for houses over £135 per week or £99 for houses below £135 per week.
Deposits are expensive. Tenants spend an average of 5 weeks rent on deposits, creating a financial limbo that isn’t always affordable.
We believe that security shouldn’t mean financial sacrifice, and punctuality and good conduct can, and should, be rewarded.
Get access to offers from over 1,000 leading retailers - so you can continue to save
Book an appointment with a doctor in minutes,conveniently from your mobile
Our free support and guidance will help you navigate any rental, financial or personal hurdle
Your landlord can choose to offer you Deposit Alternative during the contract creation stage
If you decide to choose Deposit Alternative, you will pay a one-time £99 fee if your weekly rent is £135 or lower, or equivalent to 1 week’s rent if it’s higher.
Your Property Manager will then create an inventory and Check-in Report on the property condition, and complete reference checks, all of which are essential for a smooth check-out experience
At the end of the tenancy, the Property Manager will conduct the Check-out Report, identifying any changes in the condition of the property
Upon assessment of the Check-out Report, any disputes which have arisen will be resolved quickly and fairly by Ome’s Resolution Team
Deposit Alternative is priced based on the weekly rent per person price, this which makes it a fair option for tenants renting cheaper or more expensive properties on the market.Tenancies where the weekly rent is under £135 per person per week, the Deposit Alternative costs £99
Tenancies where the weekly rent is over £135 per week, the product costs 1 week's rent.
We calculate the weekly rent figure as an average of the total rent for the tenancy to make it easier for the cover to protect you in shared areas such as kitchens, hallways, bathrooms and gardens. Say you had a bigger room so your weekly rent was slightly more expensive at £140 pw, and your other 3 housemates rent was £90 pw (£410 pppw total) then the cost would be £102.50 per person.
This is a non-refundable fee.
Once your tenancy has started you’ll get access to all of your benefits. In your account you’ll see instructions of how to use them.
If you’ve already signed a tenancy using Deposit Alternative, go to your Contracts page to access your benefits.
The cost of Deposit Alternative is a one-off, non-refundable fee. This covers the insurance provided under the terms & conditions of the product and will not be returned to you when your tenancy ends.
If you secured your tenancy by purchasing Deposit Alternative, your tenancy has already started and you wish to move out, the fee you originally paid will be lost. This is the same as if your tenancy were to end.
Select a different landlord to switch to that account whilst remaining on the same page.