Welsh Government Launches Residential Tenancy Loan Scheme
On 7 October 2020, the Welsh Government launched a Tenancy Saver Loan Scheme to help reduce the risk of eviction and homelessness.
The scheme is available to private rented sector tenants in Wales who are in rent arrears and struggling to pay future rent as a result of COVID-19.
The scheme will offer 1% APR loans to be repaid over a period of up to five years. Loans will be paid directly to landlords or agents. Loan applications can be made until 31 March 2021. There are several eligibility requirements including that:
- The applicant was not in significant rent arrears (not paid rent for more than eight weeks in a row) before 1 March 2020.
- The applicant has been in rent arrears since 1 March 2020, or in rent arrears and struggling to pay future rent, as a result of COVID-19.
- The applicant’s landlord or agent is registered or licensed with Rent Smart Wales.
The loans will be provided by seven Credit Unions across Wales. The Credit Unions will work with applicants to ascertain whether they are eligible for the loan scheme and how much they can afford to repay.
For further information, please contact a member of our team below.