What a holding deposit is, why it protects your new home, and how it comes straight off your first month's rent.
What it is
A holding deposit reserves a property while your application is processed. It tells the landlord you're serious and takes the home off the market so it isn't offered to anyone else while your references are checked.
You're not paying extra
The holding deposit is deducted from your first month's rent, so it isn't an additional cost, it's simply paying a little of your rent early. By law it can't be more than one week's rent.
When it's refundable
If we or the landlord decide not to proceed, or you're let down through no fault of your own, your holding deposit is returned. It may be withheld if you provide false information, fail Right to Rent, or pull out yourself.
What happens next
Once your references and Right to Rent checks are complete, we'll confirm your move-in date, send your tenancy agreement to e-sign, and set up your first payment. Nothing is hidden, you'll always know the next step.
