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0% Deposit option when renting
AimOx
Posts: 19 Forumite
What do people think of the No Deposit Option?
I'm considering doing this.. It costs an additional 6% of the rent pcm each month (higher because of pets), and is reported to Experian, so if you pay, your credit history improves..
Any opinions?
I'm considering doing this.. It costs an additional 6% of the rent pcm each month (higher because of pets), and is reported to Experian, so if you pay, your credit history improves..
Any opinions?
0
Comments
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What do people think of the No Deposit Option?
I'm considering doing this.. It costs an additional 6% of the rent pcm each month (higher because of pets), and is reported to Experian, so if you pay, your credit history improves..
Any opinions?
I wouldn't do it. An extra 6% rent could work out to be rather expensive if you stayed there long term (not even that long, just a couple of years). For example, if your rent was £500 pcm and you lived there for 2 years you should get your deposit back at the end providing you haven't caused any damage or left the place worse than you found it. Having to pay an extra 6% would mean paying out an extra £720 that you'd never see again.
As for reporting to Experian that isn't a big draw for me either. There are other, less expensive ways to build credit history than going down this route such as using a credit card and clearing it in full every month.0
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