mydeposits and Reposit join forces – London Wallet

mydeposits has partnered with Reposit to allow letting agents to manage tenancy deposits through a single platform.

The integration enables agents to handle both traditional deposits protected by mydeposits and Reposit’s deposit alternative within the same system.

mydeposits, part of Total Property, is a government-authorised tenancy deposit protection provider established in 2007.

Under the Reposit model, tenants pay a non-refundable fee equivalent to one week’s rent instead of a traditional five-week deposit, while landlords receive coverage equivalent to up to eight weeks’ rent for damages and arrears.

Tim Frome, head of government schemes, mydeposits, said: “By partnering with Reposit we are able to give agents greater choice in how they manage tenancy deposits. While traditional deposit protection remains a core part of the rental process, we support agents having access to innovative alternatives that can help tenants move more quickly and affordably into their new homes.”

Gurman Bains, head of new business at Reposit, added: “This partnership highlights the continued shift in the private rented sector towards simplified processes and better tenant affordability.”