Thanet deposit assistance from Bond Scheme

People that are struggling to come up with the funds for paying a deposit can apply to the Thanet District Council for help. The authorities will offer short term assistance from their Bond Scheme and it will cover up to one month worth of housing costs.

The scheme is a guarantee that the landlord, tenant, as well as council all need to agree to. It is provided as a written agreement that protects the landlord from both damage to the property as well as any rent arrears that is due at the end of the tenancy. The Bond Guarantee is also offered along with free advice that will not only help someone find a new flat, but there is also support in maintaining it.

The Thanet Council will only help residents that are on a low income and that are taking the steps to improve their financial situation. The bond is not aimed at supporting people that are chronically homeless or that have continued to fall into debt in the past.

Another aim of the deposit scheme is for those that are vulnerable. Applicants may be ex-offenders that need financial help for a new home or a person with a mental illness that does not have cash available. Other vulnerable may be pregnant mothers or lone parents. So the council goes out of its way to help the very less fortunate.

Criteria for deposit help in Thanet

The council is providing this assistance as there is a lack of social housing in the district and Kent County. The waiting list is taking many months because of this demand. Due to this, the only other option is private housing. So there are many eligibility criteria.

First, the home needs to be affordable and local to Thanet. The prospective tenant needs to be able to afford future rental costs. This can be from either their income or housing benefits, if they receive them. So the monthly rent on the property can’t exceed either income or the money they receive from the Local Housing Allowance.

An agreement needs to be signed be all parties, including the landlord, tenant, and council. The housing team will also need to inspect the property and assess the stability of the tenant. All of this needs to be done before a tenancy agreement is signed with the landlord.

As noted, Thanet District Council will only assist the low income that are local to the district. They need to either be homeless or threatened with it. Other criteria include the need to be on benefits or have an income. The applicant’s savings need to be less than £2,500. Also, the person applying for deposit help from the bond guarantee can’t have any other resources available to them and can’t have worsened their housing situation by mismanaging their money.

The guarantee will last for the length of the tenancy agreement, but it will only help with at most one month of rent expense. So the the landlord needs more money then the family will need to come up with that cash on their own. However if the resident does not follow all of the terms, the council can take action against the tenant, including end the assistance.

The last thing to know is the family will need to save a portion of their future income. This is required as if, at the end of the tenancy, if there is damage to the property they will need to repay the Thanet Council.

The district has the Gateway service set up which provide applications and more information on the bond scheme. The address is Cecil Street, Margate, CT9 1XZ. Or people can call customer support at 01843 57727.