THE PROFESSIONAL ASSOCIATION FOR LANDLORDS
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You’ll probably have to pay a ‘tenancy deposit’ to your landlord or letting agent before you can rent your home. The deposit is now capped at 5 weeks rent for lets <£50,000 pa, and 6 weeks above this annual rent.
The scheme keeps your money safe and makes sure you get back what you’re owed at the end of your tenancy.
Your deposit has to be protected even if someone else paid it for you, for example your parents or a friend.
Your deposit doesn’t have to be protected if you’re a lodger or a student in halls. It also doesn’t have to be protected if you rent privately and have an assured or protected tenancy.