Read the terms and conditions on the TR website. I use Booking.com and you can cancel up to a few days before you go without losing your money.

I assume you aren't worried about the two quid?

TR will have just acted as agents and your contract will be with whomever they booked the hotel through - it is unlikely to have been direct with the hotel. You need to check your paperwork from TR to find out who the supplier is and then check the supplier's T&Cs re cancellations to find out whether it is just case of losing £2 or whether you will be liable for a further cancellation fee in addition.

SM

The £1 low deposit is clearly explained in the Terms and conditions you read before booking. I'm sure if you re read them you will find you're liable for a cancellation charge.

We booked accomodation only with travelrepublic last year, and so did my son, same accomodation,ours was booked through a different agent than his ! we both decided to cancel, we had to pay about £28 to cancel, he only lost the £1 deposit, it depends on the agent they book with, you can email them and ask what the cancellation fee is if any first.

Crispy wrote:

We booked accomodation only with travelrepublic last year, and so did my son, same accomodation,ours was booked through a different agent than his ! we both decided to cancel, we had to pay about £28 to cancel, he only lost the £1 deposit, it depends on the agent they book with, you can email them and ask what the cancellation fee is if any first.

It's TR own terms and conditions that state

"Accommodation cancellation charges:

Bookings cancelled more than 3 days before departure - £40 cancellation charge (or the value of the booking if lower)
Booking cancelled 3 days or less before departure – 100% of the booking value"

If you pay the £1 super low deposit, the normal cancellation terms and conditions apply as per their website. It's the same with all agents that accept low deposits.

Maybe he was lucky with the person he spoke to, but it's unusual for TR to waive their terms. They have to make something for the time they spend, even when people cancel.

What about if you switch the destination - will TR allow you to do that without additional costs/cancellation fees?