Hamilton Fraser-backed alternative deposit scheme Ome is still planning to launch its long-awaited product this month despite the coronavirus chaos.

Plans for the launch of Ome were first unveiled in November 2019 and it said it would launch in early 2020.

EYE has learned that the coronavirus pandemic has not held back the launch and it still plans to go live around mid-April.

A spokesman for Ome said: “It is arguably as good a time as any as it provides tenants with an additional route to secure a rental property without the high financial hurdle of a traditional deposit.”

Ome has said it will operate as a membership scheme, with tenants purchasing the benefit of not having to pay an upfront deposit.

There will be a £30 set up fee and it will cost £5 per month for the first £750 deposit which then increases at £5 intervals for every additional £500. It’s £10 a month based on the current average deposit.

If, following an adjudication, a tenant does not pay what they owe to the landlord Ome will pay the landlord and look to recover its outlay from the tenant.

Ome will be run independently to Hamilton Fraser’s other brands.

Hamilton Fraser also operates mydeposits and the Property Redress Scheme.