Bolton help with deposit from Bond Guarantee Scheme

The Bolton Housing Option Services team can help prospective tenants in private sector housing pay the rent deposit on a new home or flat. The goal of the government programme is to ensure an individual (or family) that needs housing can afford it, and it also helps the landlord as the deposit is aimed to protecting the leasehold the property from any damage or arrears on the home.

The scheme is backed by the government, both the central as well as the local Bolton council. There needs to be an agreement in writing as to the amount due and what it covers. This needs to be done in a separate document, not just the tenancy agreement. All of the groups also partner together on the scheme, including the landlord, tenant, and council team.

One big difference in using the Bond Guarantee Scheme vs. the tenant paying for it is there is no money involved. This reduces the financial burden of the Bolton resident. Instead the scheme is a guarantee from the council that if there are any damages or arrears at the end of the agreement, the government will cover those costs. But then the council will also pursue any of those expenses from the tenant as well.

The assistance from the Housing Options Service is non-cash. The bond scheme is aimed to help people that are on a low income with benefits, single with a family, individuals threatened with evictions that need to move, or the currently homeless. Many of the applicants for deposit help are working but just do not have the wages to save up the cash for a rent deposit on Bolton.

The Bond Guarantee Scheme also needs the agreement from the landlord to proceed as well. They need to agree to that form of aid before the tenancy starts, as they need to agree that they will not giving cash. There are other criteria that also need to be met. Most owners of private sector housing do agree to the scheme, as it is fully backed by the government.

The council will in effect act as Guarantor on behalf of the tenant. The property owner knows that if there were ever any significant damages to the flat, the the bond guarantee will be used to pay for the repairs. The same applies if there is a rent arrears during (or at the end) of the tenancy agreement. In those cases council funds will also be used to pay for it. So all losses made (either financial or property) will be covered by the value of the bond.

Additional benefits of the Bolton Bond Guarantee Scheme

All of the parties (council, landlord, and tenant) have other reasons to use this scheme as well. There are many other reasons that just financial. Some of them include the following.

-The tenant will partner with the Housing Option Services as well as Citizens Advice on everything from employment needs to budgeting and money matters.
-Ongoing check ups will take place at the Bolton property to look for damages, see if complaints, or any other challenges.
-Landlords have the council to fall back on to make any complaints, or if a rent payment is missed they can notify council.
-The Bolton property owner also can know they helped a struggling person or family afford a home, and maybe prevent homelessness in the region.

The general enquiry number to ring for advice, or to apply for the Bond Guarantee Scheme is 01204 333 333.