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Hmmm. Never heard of it, but nothing's for free.
Seems the basis for it is that:
·You don't have to front up the full amount of deposit cash, just the £60.50 + 25 of the deposit%.
·The landlord doesn't have to worry about administering a holding account for the deposit, and they don't care where the deposit cash is coming from as long as they're covered.
·Tenant Bonds gets your £60.50 + 25%, and doesn't actually pay the landlord until the tenancy is over, at which point they'll chase your arse for any deductions that arise or damage you've not paid for (and they become liable for) at the end of the tenancy.
which = a net cost of ~zero,
you lay out 25% + £60.50 when you move in, and then get nothing back when you move out,
which = a net cost of 25% + £60.50.