Deposits and deposit alternatives: Introducing choice

Deposit alternatives are becoming increasingly popular with letting agents, landlords and tenants and there are now a variety of options to choose from. Last year, Hamilton Fraser launched their own in-house deposit alternative, Ome’s Deposit Replacement Membership.

Having previously challenged the industry to be wary of some of the pitfalls surrounding deposit alternatives, Hamilton Fraser decided to tackle the issues head-on in 2020 by introducing their own transparent product. The aim of launching Ome was to help deliver choice in the UK lettings market, without compromising the rental wellbeing of either tenants or landlords. And Ome’s Deposit Replacement Membership achieves that, by providing landlords with exactly the same protection as a traditional deposit, whilst offering tenants financial flexibility by paying a monthly subscription instead of an upfront lump . For more detailed information about how it works read ‘Deposit replacements: Everything you need to know’.

Although part of the Hamilton Fraser family, Ome operates independently to facilitate agility in a constantly changing market. However, it benefits from the resources and extensive expertise in the private rented sector that the wider business has gained over the last 25 years, in particular through its partnership with deposit experts, mydeposits, also part of the wider Hamilton Fraser family. As part of a wider business specialising in the private rented sector, Ome is in a unique position to offer the best deposit alternative product in the market.

Of particular relevance to Ome is the experience that comes from operating tenancy deposit protection provider mydeposits since 2007, and Hamilton Fraser’s own adjudication service, HF Resolution, which also provides services to many of the existing deposit alternatives. In September 2020, Ome officially partnered with mydeposits and became the first deposit scheme to offer all three protections (Insured, Custodial and Replacement).

Ome’s Deposit Replacement Membership differs to the other deposit alternative options on the market as not only is it run by deposit experts but is the only alternative to offer tenants the choice of a flexible, monthly subscription instead of an upfront payment.

If you’re interested in finding out more about Ome’s Deposit Replacement Membership, contact the team today at hello@omehq.com or start a live chat on the website.

Protection without the deposit

Our Deposit Replacement Membership brings choice and flexibility to the rental market

Group CEO of Hamilton Fraser, Eddie Hooker, commented:

“Hamilton Fraser is one of the country’s leading specialists in landlord and tenants’ services and products and is well known as being an expert in the sector. Therefore the launch of Ome was complemented by the huge resource and credibility that the wider family provides.

When you think about it, a deposit alternative product was a very natural expansion for us because we know the space so very well and we’ve been asked by our many landlord and agent clients to provide one. So we have.

Hamilton Fraser’s business ethos is to offer products that protect businesses and consumers, to provide market-leading customer service and to educate the market where we can. With this mission to raise standards in the private rental sector, the next natural step was to challenge the new crop of deposit products and demonstrate ourselves the standards that should be expected within the sector.”

 

Co-founder of Ome, Matthew Hooker, commented:

“Ome is about offering choice and transparency within the market rather than completely rewriting the tenancy deposit rulebook and I think Ome’s Deposit Replacement Membership will be the “go-to” option for many renters and will complement the traditional deposit schemes in today’s rental market.

Hamilton Fraser provides such a wealth of resources at our fingertips and has a rich history of expanding and improving its consumer offering. As a result, we are in a strong position to offer the best deposit replacement product available today in Ome, whilst also driving positive change in the UK rental sector and, like Hamilton Fraser, we will continue to raise industry standards.”

 

Read the full 2019 whitepaper, ‘Deposits and deposit alternatives: Introducing choice’ including what Ome has to offer.

Join the deposit-free world and become part of the future of renting by signing up to Ome today.

Deposits and deposit alternatives: Introducing choice

Download your copy of the full whitepaper