27 March 2020 | | Back to Blog

How much is the Refundable Security Payment (deposit)?

Each guardian will need to pay a refundable security payment before they sign up. This is calculated based on 5 weeks’ of fees, which will vary from property to property. For example:

  • if the monthly fee is £500, then the security payment will be £500 x 12 ÷ 52 x 5 = £576.92.
  • if the fee is £700, then the security payments will be £700 x 12 ÷ 52 x 5 = £807.69.

Where our fees are inclusive of Council Tax or utilities, these will be factored into the security calculation.

We return security payments within 28 days of receiving all necessary information. We will only make reasonable deductions if there are belongings left behind, you haven’t paid your bills or there is significant damage to your property. Apart from these cases, we have a consistent record of returning security payments in full without any deductions.