new tenant saver loan

helping your tenants pay you back!

Did you know, there’s a new loan available to your tenants to help them pay back the rent they owe you as a result of being financially impacted by the pandemic?

The new Welsh Government Tenant Saver Loan Scheme was announced 11th August and has been available since the start of September to support those who were unable to pay rent during Covid-19.

How it works

• If granted, this loan is paid directly to the landlord or letting agent.

• The loan is purely for rent arrears, or for future periods which a tenant may struggle to pay their rent.

• Loans are available for tenants who were not in significant rent arrears prior to 1st March this year.

• There is no cap on the amount loaned providing repayments are affordable.

• Repayments will be charged at an interest rate of 1% APR over a period of up to five years.

What this means for you

Moving forward you would be reimbursed for any missed payments and future payments should return to normal, happy days!

How tenants can apply

To apply for the loan, tenants can either be referred through Early Alert schemes or through their local authority.

If you have any further questions about the above scheme, don’t hesitate to get in touch. We’d be happy to point you and your tenants in the right direction.