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Due to the changes in legislation in June 2019, tenants now only need to pay their one weeks holding deposit and either a 5 week cash deposit or zero deposit (fees apply) if they decide to go with that option. The aim of the Act is to reduce the costs that tenants can face at the outset, and throughout a tenancy. Tenants will be able to see, at a glance, what a given property will cost them in the advertised rent with no hidden costs.

We do have lenders who will lend with only a 5% deposit although you should be aware that the higher % deposit you put down the lower the interest rate will be. Interest rates change over each 5% bracket until you get to 35% deposit. It is worth noting also that lender criteria can be stricter with only 5% deposit and their credit scoring system can be harder to pass.