Tenants letting properties via the Yorlet platform can now transfer their deposit to their new home, avoiding the need to save for a whole new deposit.
The partnership, which launches today, will allow businesses running on Yorlet to offer their consumers Fronted’s flexible deposit payment option. Tenants who need to pay a deposit via Yorlet’s web portal will now see another way to pay: “transfer a deposit.”
Yorlet is also making Fronted a new payment method through its API, enabling other businesses to easily offer Fronted as a payment option in their own platform.
Fronted verifies that the tenant has a deposit protected in a deposit scheme. Once verified, Fronted sets a credit limit for the renter equal to their old deposit. The tenant “tops up the difference if their new deposit is larger than their old, then Fronted pays the full deposit to the new landlord or agent. The tenant has 90 days to repay the balance.
Fronted’s lifetime deposit aims to smooth renters' financial burden when moving. Their customers say Fronted helped them move sooner than they thought they could and felt more financially secure during the moving process.
“We are pleased to go live as a payment option in Yorlet’s platform”, Jamie Campbell, co-founder of Fronted, “renters are feeling the sting of the cost of living crisis and in some cases are ‘locked in’ to houses they no longer want to rent. We’re pleased to work together to free up more people to move more easily.”
“We’re thrilled to partner with Fronted so that businesses on Yorlet in the UK can offer increased deposit payment flexibility,” said Will Stenhouse, Co-founder at Yorlet. “Fronted’s Lifetime Deposit is not only a powerful new tool for businesses. It also helps ease the financial burden many renters face by having to tie up their money twice.”
Fronted: Jamie Campbell, CEO // 07540696675 // firstname.lastname@example.org
Yorlet: Will Stenhouse, Co-founder // 07725185130 // email@example.com
Yorlet is a technology company that builds software and payments infrastructure for the rental sector. Medium and enterprise property managers use their software to automate leasing, accept payments and manage their lettings business online.
Over 60% of UK renters pay a new deposit before getting their old one back. This can leave renters more than £2,500 out of pocket. Fronted built the first Lifetime Deposit, a way for tenants to pay a new deposit with their old one, to fix this huge problem.
For £49.95, tenants can transfer their old deposit to their new property. Fronted is a no-interest bridging loan that works with all deposit schemes.
Founded in 2019 by Jamie Campbell, Fronted is the only deposit solution in the market that uses cash to help renters move.