Important: This article and the information contained within is outdated and no longer valid. This article will be archived within 30 days (17/04/2024).
Government Loan Available For Struggling Tenants
The Tenancy Saver Loan Scheme
If the pandemic has left you struggling to pay your rent, help might be at hand. The Welsh government has launched what it’s calling The Tenancy Saver Loan scheme which is open to all private tenants living in Wales.
To qualify for the scheme you must match the following criteria;
- rent your home in Wales
- rent your home from a private landlord
- be in rent arrears (not paid your rent) since 1 March due to a change of circumstances during the coronavirus pandemic
- be in rent arrears (not paid your rent) and finding it difficult to pay your rent due to a change of circumstances during the coronavirus pandemic
- not have been in significant rent arrears (not paid your rent for more than 8 weeks in a row) before 1 March
- be renting from a landlord or letting agent who is registered and licensed with Rent Smart Wales
- be able to afford to pay back the loan (based on your income and affordability test)
- not be getting housing benefit or housing cost support through Universal Credit
- not have already applied and got another loan through the Tenancy Saver Loan scheme
Please do be aware that the scheme is a loan that will need to be repaid, the loan can be paid back over a period of 5 years & the interest rate is 1% APR.
Currently, no such scheme exists in England, leaving thousands of tenants in almost impossible situations. If you are struggling to make rental payments, please remember to speak to your landlord & let them know about the change in your circumstances and try to come to an arrangement with them if possible. Remember, just because you have fallen into arrears you still have rights as a tenant. Your landlord cannot simply just throw you out or constantly harass you for payment. If you are worried about any of these issues please do feel free to get in touch with our team.
Disclaimer:
This article is provided as a guide. Any information should be used for research purposes and not as the base for taking legal action. Tenant Angels does not provide legal advice and our content does not constitute a client-solicitor relationship.
