UK: Lloyds Living, the BTR division of Lloyds Banking Group, has announced it will offer deposit alternative products on its portfolio of more than 5,000 rental properties.
Deposit alternative provider Reposit is working alongside Lomond Investment Management and Touchstone Corporate Property Services on behalf of Lloyds Living to offer the service.
The deposit alternative product will be offered as a choice alongside a traditional cash deposit. If they opt for Reposit, BTR residents pay a non-refundable fee (usually one week’s rent) instead of a traditional cash deposit, while landlords receive protection equivalent to up to 8 weeks’ rent.
Gurman Bains, head of new business at Reposit said: “We are excited to be working with Lomond Investment Management and Touchstone on behalf of Lloyds Living, which marks a significant step in our growing presence within the BTR and SFH sector. More operators are turning to Reposit to enhance resident experiences with our value-driving solution that requires just one week’s rent, creating a more attractive, flexible, and competitive rental offering.”
“Our FCA-regulated product has become the preferred choice for operators looking to reduce administrative burdens, maximise occupancy rates, and uphold a strong commitment to compliance. This benefits both operators and residents, fostering a more accessible and sustainable rental market,” he added.
