Tenant Deposit Loans have been introduced by the Government.
The tenancy deposit scheme can be used by employers to suit their needs, but generally employees are offered interest-free loans to pay their deposits when they move into a privately rented home.
The tenant deposit loans are then paid back through their salary over the course of up to a year.
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For those that are not eligible for the government scheme, you can always use our personal loans if you need a deposit for a new rented property.
Council housing has become in short supply recently and with no government plans to significantly increase the council housing stock, this means that the situation can only get worse.
More and more people will be turning to the private sector housing rental market to get the house and home they need.
Using the private rented properties will mean that people will have to come up with a security deposit before they can get the rented property.
Remember that your new landlord must put your deposit in a government backed tenancy deposit scheme to keep it safe and must put your deposit in the scheme within 30 days of getting it.
At the end of your tenancy, your landlord must return your deposit within 10 days of you both agreeing how much you will get back. If you’re in a dispute with your landlord, then your deposit will be protected in the tenancy deposit scheme until the issue is sorted out.
Please use the link above to get the cash you need to get the rental property you want now.
Are you looking to move to a new rental property but getting a deposit together for the place you want is slowing you down? Tenant deposit loans may be ideal in this situation.
What are Tenant Deposit Loans?
When you rent a property, whether it through a rental company or privately, it is an essential requirement to put down a deposit. This figure is usually a months rent upfront then the rental payment will be taken in lieu.
Tenant deposits can be taken as a means of securing the property from being rented out to anyone else. However, its main aim is to protect the landlord.
It offers protection in case the tenant does not pay the rent on time or does not adhere to the tenancy terms that have been agreed. It is also held so that the end of the tenancy agreement if the tenant causes any damage or there are bills unpaid then the landlord can use the deposit accordingly.
Who can apply for Tenant Deposit Loans?
Anyone that is applying for a property with a rental company or through a private letter can apply for tenant deposit loans.
The amount borrowed will differ, and depends on how much the landlord wants upfront.
Is my deposit secured in any way?
There has been new legislation that has been introduced to protect both parties when it comes to securing a tenant deposit.
The tenancy deposit scheme has been introduced to protect the value that is being held, and to ensure that the landlord returns it rightfully to the tenant at the end of a tenancy agreement.
This ultimately depends on the rent being up to date, bills to the property in the tenant’s name are up to date and the property is in a state as close to that at the start of the rental.
How do I apply for tenant deposit loans?
When you apply for a tenant deposit loan make sure you are aware of how much you are applying for.
Ideally, you do not want to try and retrieve the deposit over multiple lenders as it would make it harder to manage.
Typically, a deposit is the same as what the regular agreed monthly rent will be for the property. This is a good guide to see if you will be able to be accepted for a tenant deposit loan with a lender.
You can borrow a deposit loan for the short term or on a long term basis depending on what suits your circumstances best.
Which tenant deposit loans should I apply for?
There are a lot of companies on the market that offer tenancy deposit loan, as the demand for private rentals increases.
The best thing you can do if you have seen a property that you would like to rent, but you aren’t in the position to have the deposit to hand is to shop around for the best deal.
To make sure you do not lose out on that property we have done all the shopping around for you for the best deals. Just click on the links on this page to find the best loans to suit your circumstances.