Rent Deposits in Amber Valley

Finding a property in Amber Valley can be difficult without the necessary funds to cover the rent deposit and the first month’s rent. There are methods for anyone to obtain assistance with these deposits. The options depend largely on household income and members.

Social Housing

Homeless or poor residents often believe that their only choice is to move into social housing, and even that can be a difficult endeavour given the high demand. There are simply far more applicants for social housing than the Amber Valley Borough Council can accommodate.

Social housing is largely utilised as the means for providing affordable housing to local residents. Households who earn less than the median income level may be able to find a good match in Alfreton, Belper, Heaner or Ripley. Social housing allows for alternative arrangements for applicants who cannot afford to pay a rent deposit. In Amber Valley, social housing is managed by Futures Homescape. Enquiries on available social housing may be directed to 01773 573100.

Private Housing

Many times, applicants mistakenly believe that they cannot access private housing. This is due largely to the lack of savings to be able to fund the rent deposit. This obstacle does not prevent access to private rental housing.

The Rent Deposit Guarantee Scheme allows for tenants to fulfill the deposit requirements of the landlord without having to front the cash. Any repairs needed by the landlord following the termination of the lease are billed to the Council with Futures Homescape handling the process. Any arrears owed by the tenant may also be reimbursed to the landlord. Some landlords are choosing to participate in the deposit guarantee scheme in order to reduce vacancies and to avoid having to hold a deposit.

One step that Futures Homescape has taken to increase the supply of private housing to those flirting with homelessness is to lease the properties directly from the landlord. Then the agency can in turn sublease the property or utilise it as temporary housing while searching for a permanent placement for the tenants. Some substandard properties have even been repaired to bring them up to standards, thereby reducing the number of derelict or abandoned properties. In some situations, Disabled Facilities Grants have been used to adapt homes for occupancy by disabled tenants.

Grant for Deposit

Belper residents may have an additional opportunity to receive a direct grant through the Herbert Strutt Charity Trust. The purpose of the Trust is to promote the general welfare of the poor.

Individual grants are approved as long as funding allows and the applicant meets the eligibility requirements. A maximum of £250 may be granted to a tenant who needs help gaining access to safe housing. The charity stipulates that all funds must be used towards renting a property, not for the purpose of paying previous arrears or other debts.

Homeless households or those at risk of homelessness may apply for a grant by completing an application. Enquiries may be directed to 01773 841635.

Low Cost Loans for Deposits

Working adults who need to move to a different property will often find that there are fewer options for obtaining assistance with a security deposit. Where higher income may exclude an applicant from grant-based aid, it can help to qualify a tenant to receive a lower cost loan to use as a rent deposit. Whereas most high street lenders charge ridiculous interest, community banks and credit unions offer much more affordable options.

Erewash Credit Union provides lower cost loans to members that meet its minimum requirements. With branches in Alfreton, Heanor and Ripley, this is one of the more accessible financial institutions in Amber Valley.

To join, simply pay the £2 opening cost and maintain at least £1 in your account at all times. Members have access to rates that start below 10 %. Higher rates may be charged to those with blemishes in their credit history. Still, the credit union provides loan products that can start as low as £100, whereas many other banks start at £1,000 as a minimum loan amount. Enquiries may be directed to the main office in Ilkeston by calling 0115 932 9493.

Regardless of income levels, there are options for getting help with the deposit when necessary. These trusted options can provide the means necessary to gain access to affordable and safe housing in Amber Valley.