Deposit advice for renters

Those looking for property to rent in Islington, flats to rent in Camden or lettings anywhere else in the country before starting university have been offered some financial advice.

According to the government-approved tenancy deposit protection scheme mydeposits.co.uk, students need to make sure they have budgeted properly before finding a place to stay because landlords will typically require a month's rent in advance.

This acts as a deposit on the property and the cash should apparently be placed into one of three authorised schemes.

Further advice issued by the company has nothing directly to do with money - although it could be costly later down the line if the landlord thinks you should pay out.

Mydeposits.co.uk said that it is a renter's responsibility to look after the property they are living in and not do anything that is prohibited in the tenancy agreement.

Eddie Hooker, chief executive of the company, commented: "Students should ... think about the practicalities of living away from home. These range from budgeting, cooking for yourself and helping to maintain your shared house."

Universities in London that will be welcoming students next month include City University and the School of Oriental and African Studies.

Written by Ben Carter

Published 21st August, 2009

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