Every tenant in the UK has to pay a large tenancy deposit before a tenancy. Some tenants are short £6,000 when moving home. That's why we developed an alternative solution with benefits for tenants, landlords, and letting agents - the flatbond.
The flatbond is the simple, affordable and secure alternative to tenancy deposits. Instead of a large deposit, tenants pay flatfair only 1 week of rent as a fee but remain liable for up to 6 weeks of damage after the tenancy. In the unlikely event of excessive property damage, we offer an additional 6 weeks discretionary payout and the landlord is covered for double the usual deposit (12 weeks worth of rent). Our partnered letting agents market the flatbond and earn up to 30% commission.
The flatbond benefits all parties - tenants, landlords and letting agents:
- No upfront deposit
- If deposit has already been paid, get 5 weeks worth of rent in cash back
- More choice
- Streamlined communication and all documents in one place
- Enjoy double the protection (up to12 weeks worth of rent)
- Re-let their property quicker as flatfair pays out faster than the deposit schemes
- Attract a larger pool of reputable tenants who successfully passed background and credit checks to be eligible
- Share up to 30% of flatfair's revenue per flatbond and can also convert already existing tenancies into flatbonds
- Save time and money on deposit registrations and leverage our complementary communication and negotiation online tool
- Offer their landlords double the protection compared to the usual deposit (12 weeks of rent)
- Attract more reputable tenants and improve customer experience
- Quicker property turnover as finding reputable tenants becomes easier
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