Deposit protection is 1 year old

The Tenancy Deposit Protection (TDP) scheme is one year old and its success has been welcomed by many industry figures.

Around one million deposits are now protected, spelling good news for tenants and those with buy-to-let mortgages.

Liz Phelps, director of policy at Citizens Advice, said that she is delighted with the success of the scheme so far.

"It is a real cause for celebration that one year on from the introduction of the government's tenancy deposit protection - something we campaigned for over many years - one million deposits are now protected," she commented.

"The fact that almost £1 billion of tenants' cash is now safeguarded is testament to the success of the legislation. But there is still some way to go before all tenants can benefit from this protection," added Ms Phelps.

There is evidence to suggest that some people with buy-to-let mortgages are not complying with the laws.

Those who fail to face a hefty fine.

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