What Else Should I Know About Deposit Protection Schemes?

Recently, we compiled everything you need to know about deposit protection schemes so that you know what they are and how they work. Now, we’re bringing even more details on deposit protection schemes.

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How can I get a deposit protection scheme?

The letting agency you instruct should be able to help you register with one of the three government-backed deposit protection schemes. This could actually be written into your contract between you and the agent. However, the responsibility falls with the landlord to make sure that a security deposit is secured with an official scheme.

Which deposit protection schemes are available? 

There are two types of deposit Protection Schemes, insurance and custodial. Insurance sees you pay a fee of £26, while custodial is free. We explain more about each of these options in our everything you need to know about the deposit protection scheme article.

Can tenants pay for deposit protection? 

It is the landlord’s responsibility to arrange and pay for the deposit protection scheme and they must have it in place within 30 days of receiving the deposit funds from the tenant.

Deposit protection with Mashroom:

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Which provider does Mashroom use?

We work with My Deposits and use their custodial scheme.

How much does the MyDeposits Scheme cost? 

It is free of charge to protect your tenant’s deposit using the MyDeposits Scheme.

Why is it best to get protect deposits with Mashroom?

Here at Mashroom, we do all the leg work for you and will arrange to protect your tenant’s deposit through our online platform with MyDeposit protection scheme. We send you the reference number and your account number once it’s done and will also provide your tenant with all the required information regarding their deposit.

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Mashroom is an appointed representative of Adelphi Insurance Brokers Ltd. Adelphi Insurance Brokers Ltd is authorised and regulated by the Financial Conduct Authority (FCA). Their Financial Services Register number is 594620, with permitted business activities being introducing, advising, arranging, dealing as agent, assisting in the administration and performance of general insurance contracts and credit broking in relation to insurance instalment facilities. You may check this on the Financial Services Register by visiting the FCA’s website, register.fca.org.uk or by contacting the FCA on 0800 111 6768