Tamworth rent deposit help from bond scheme

Families local to Tamworth, that have shown the ability to pay future rent on their own housing, can get assistance from a bond scheme. The council created scheme is aimed at assisting a resident with paying the up front costs (namely a rent deposit) that the landlords of private sector housing require.

This form of financial assistance is only available if the prospective tenant is stable and can afford the housing on their own. So the client will need to pay the future rent, gas or electric bills, and other costs without the use of local council government aid. They can pay future bills from one of many sources, including local housing allowances (LHA), benefits such as Universal Credit, or a job. But the Tamworth council only supports financial stable residents.

Short term guarantee on deposit

The Tamworth Bond Scheme does not provide cash to the client. Instead the council will offer the bond as a form of a guarantee for a period of time. It is a temporary solution, and the tenant will need to take over the rent deposit on their own after six months.

Applicants to the scheme need to be age 18 or over and be local to Tamworth. The age requirement helps ensure the legality of the written contract (see below). In addition. Rent deposit help is only for families on a low to middle income, and their savings need to be under 1000 pounds as well.

What the scheme does it provides the prospective tenant time. They will now have many weeks or even months to save the money on their own. So the tenant can put away a little money each and every month from their cheque for when the guarantee ends. The client can also partner with the Homelessness Prevention Officer on any other needs, ranging from employment to debt reduction and more.

All of the deposit help will be covered in a written contract. The landlord, prospective tenant, and Tamworth borough council all need to agree to this. As per the terms of the contract, the guarantee will in effect pay for the following housing costs. Note that the accommodations that are covered need to be suitable for all parties involved in the agreement.

• -Damage to the home or flat that is let.
• -Loss of property that the landlord may face.
• -Rental arrears are also paid for by the Tamworth Bond Scheme, with at most 6 weeks paid of “affordable” rent.
• -The Housing Advice Team will inspect the property to ensure it meets guidelines in place.

Note that are property owners in Tamworth that have agree to this scheme. For people that apply, and are found to be suitable, the Tamworth council can link the family to one or more of those landlords. The council also have information on Real Estate Letting Agents that can help in the search as well. This will help move the application process along so it is completed in less time.

If all parties agree to proceed, then the Landlord’s Tenancy Agreement will need to be prepared. The council will also need to assess this agreement to ensure that the monthly rent is affordable and that the property is in good conditions. As the bond scheme will not pay for unsafe or expensive housing. In addition, all of the properties need to be in the private sector. If the tenant qualifies for LHA, then that is another option that the tenant can explore. So the home and terms need to be suitable to the council.

To request an application packet for the bond scheme, the Tamworth Borough Council has a post of Marmion House, Lichfield Street, Tamworth B79 7BX. The main telephone to ring is 01827 709378.