Mydeposits is consolidating its insured-backed tenancy deposit scheme onto its Total Property platform, which currently manages its custodial service. This integration aims to provide landlords with a single platform for both insured and custodial deposit management.
The company stated this move represents its largest investment in insured deposit protection since its launch in 2007. Mydeposits claims this makes it the only provider to offer both insured-backed and custodial protection through a single customer platform.
Eddie Hooker, chief executive of mydeposits, described the consolidation as a long-term vision for the platform. He noted that the company has rethought the user experience and payment methods for insured deposit protection.
A new membership model will introduce one annual renewal date and allow members to purchase deposit allocations that can be reused when a protection ends. The maximum price for each deposit allocation per year will be £22, including VAT. Mydeposits anticipates this will result in a lower average cost per protected deposit for many landlords, with further savings for those with more active protections.
NRLA members will continue to receive a one-third discount on deposit protection, applied automatically at renewal. Total Property will also introduce an end-of-tenancy negotiation process, enabling members to upload evidence and propose deposit divisions, with tenants able to accept or counter-offer. Unresolved cases will proceed to the company's free dispute resolution service.
Existing insured-backed members will be automatically transferred to Total Property, with current deposit protections remaining valid without requiring re-registration or further action. Landlords and agents who prefer not to use insured-backed protection can still access the custodial service without charge via Total Property.