mydeposits

mydeposits, tenancy deposit protection in the UK

mydeposits is a tenancy deposit protection provider authorised by the UK Government. It operates on the Total Property platform and offers two types of protection: the insured scheme, in which the landlord retains the deposit and pays a fee for cover, and the custodial scheme, in which the organisation holds the deposit for the entire duration of the tenancy at no cost to the landlord. The company was founded in 2007 with the aim of offering landlords, agents and tenants an alternative to the other two existing schemes.

Two types of protection

The insured scheme allows the landlord to keep the deposit and pay a reduced fee for protection. mydeposits has established a partnership with the National Residential Landlord Association (NRLA) that offers its members a 30% discount when protecting deposits with this scheme. The custodial scheme, managed through the Total Property platform, means that mydeposits holds the deposit for the duration of the tenancy free of charge and is designed to streamline property management.

Complementary services and partnerships

In addition to deposit protection, the company offers landlord insurance, an API for automated deposit protection and a collaboration with No Letting Go. Members gain access to discounts from the brands integrated into Total Property: Total Landlord, Landlord Action, Property Redress and Client Money Protect. The company also provides its members with a dispute resolution service at the end of the tenancy.

Structure and reach

mydeposits is part of Total Property, the UK property market platform dedicated to private rented sector products and services, which brings together all the HFIS Limited brands. Total Property states that it reaches more than 40% of the private rented sector. The group's brands include the Government-approved Property Redress Scheme and Client Money Protect, landlord insurance provider Total Landlord and housing law specialist Landlord Action. HFIS Limited is part of Brown & Brown, Inc., one of the world's largest insurance brokers, with more than 14,000 industry professionals.

Geographic coverage

mydeposits presents itself as the only scheme authorised to operate in England, Wales, Scotland, Northern Ireland and Jersey. The company states that it protects more than £1.3 billion in tenants' deposits across all regions of the UK, with more than 400,000 members and more than 200,000 disputes resolved.

Corporate profile

Tenancy Deposit Solutions Ltd, which operates under the trading name mydeposits, is a subsidiary of HFIS Limited. The company is registered in England with number 05861648 and its VAT number is 893 9729 49. Its contact office is in Borehamwood and its registered office is in London.

Offices and premises

Main office: mydeposits, Limelight, 1st Floor, Studio 3, Elstree Way, Borehamwood, WD6 1JH

Registered address: 7th Floor Corn Exchange, 55 Mark Lane, London EC3R 7NE