Free your wallet from costly rent deposits
Expensive deposits are a thing of the past. Instead, you can secure your new rental home with a small fee equivalent to one week’s rent, split across monthly payments.
What’s the problem?
Deposits – they’re expensive.
Tenants in England are currently paying an average of £997 on a deposit to secure their rental property. We want to change this.
We’re here to help
We’ve saved tenants thousands of pounds in upfront costs.
How? By offering them Deposit Replacement, an alternative to traditional deposits.
Move home quicker and easier and have more money to spend on the things you choose.
Here’s why tenants love Deposit Replacement
Calculate the difference
Enter your rent below and see how much you could pay with Deposit Replacement compared to traditional deposits.
Lower upfront move-in costs
Lower upfront move-in costs mean that you can have more money in your pocket to spend on making your new house a home.
Financial freedom
Never have to worry about saving for a deposit or borrowing the money for a second deposit when moving into a new home.
No money tied-up
When it’s time to move out, you’ll only pay if there’s a problem you’re responsible for. No need to wait around for your deposit to be released.
Here's how it works.
Moving in
- Landlords advertise their property with our Deposit Replacement solution and get 12 week’s worth of protection, instead of the standard 5 weeks.
- Make an offer on a property you love, choosing Deposit Replacement as your preferred security payment.
- Once your offers been accepted, no need to find hundreds for a deposit. Just pay one week’s worth of rent (+VAT), split across monthly payments. That’s it!
Moving out
- At the end of the tenancy, you are responsible for any damage, outstanding bills or unpaid rent when you leave the property.
- You and the landlord are free to negotiate any end of tenancy settlements.
- If you struggle to come to an agreement, we’ve partnered with RICS, a globally recognised professional body to help solve disputes.
See what tenants say
“Excellent service, would recommend. I used Mashroom for my mortgage, life insurance and home insurance...”
Katie PicklesCommon questions
By paying the equivalent of one week’s rent, split across monthly payments, you keep more money in your pocket. Deposit replacement offers you more flexibility, as you don’t need to find thousands of pounds upfront like with a traditional cash deposit.
Deposit Replacement offers the same cover as a traditional deposit, but you don’t have to set the money aside upfront. If you cause any damage during your tenancy, you settle it at the end, instead of your landlord deducting it from a deposit.
Any property listed with Mashroom is eligible for Deposit Replacement. If the property you are interested in does not offer it, you can ask the landlord to opt in, ensuring extra protection for them and a quicker move for you.
Deposit Replacement costs you the equivalent of one week’s rent, paid in monthly instalments throughout your tenancy.
You can make an offer on any Mashroom property. All you need to do is specify that you would like to use Deposit Replacement when you make your offer.
Deposit Replacement is not an insurance against damages. It is designed to allow for a quicker move and save on upfront costs, but you are still liable for any damage and would need to settle any costs at the end of your tenancy.
If there is no damage or unpaid rent, you can move on without waiting for a traditional deposit to be released. If the landlord puts forward any claims of damages or unpaid rent, you will be able to review the claim in detail and provide your perspective.
Most tenants are eligible for Deposit Replacement. All you need to do is pass a referencing check.
Deposit Replacement is completely optional, serving as an alternative to the traditional deposit. We support the Tenant’s Fees Ban Act of 2019 and think tenants should never be forced to pay fees before moving in.
You’ll be able to access your agreement by logging into your dashboard where it will be stored.
