Deposit help from loans and bonds in Maidstone Borough

Deposit assistance is available in the Maidstone Borough. The council has two main schemes they provide, and they include a bond of up to £850 or in some cases a low interest loan will be issued. In either case, the aim of the council is to help prevent homelessness in the borough. This will include both resettling a tenant into a more affordable home as well as offering assistance to the currently homeless.

Maidstone Bond

This is used to help a prospective tenant move into an affordable, private rented home or flat. Both the landlord, council housing team, and tenant need to all agree to this form of payment as it is a form of insurance for the deposit.

The bond, which is at most £850, will cover any future expenses that result from the tenancy. This will include rent arrears, damage, as well as cleaning costs the landlord may have in order to re-let the home. In some cases the council will increase the value of the bond to be equal to up to six times the weekly rent expense due for the home. So this will in effect provide more assistance to the renter.

Note that the tenant still needs to pay their rent on time and maintain the property. While the aim of Maidstone Borough Council is to cover those costs above, it will not actually pay for them. It is just intended to reduce the landlord’s risk. If there does turn out to be damage, then the tenant will need to in fact repay the council the money.

The Maidstone Borough Council will also offer advice to tenants. This will help them maintain the agreement over time and stop future evictions. Also, the team has information on suitable properties in the region that can be let. The home can be either in the Maidstone borough or a neighboring district as well, as the council does need to be flexible in who they rent too.

Rent Deposit Loan Scheme in Maidstone

Based on an assessment that is done, in some cases the council may decide to issue a loan that can be used to pay the deposit. This is usually a last resort, after other programmes, such as the bond, have been explored. It will pay for up to one month of expenses.

This will require the individual to be enrolled into the Tenancy Deposit Protection Scheme. This is a form of protection to reduce the likelihood of default. Other steps taken to reduce the chance of a default is the fact the money will be provided at a lower interest rate.

For either of the schemes, the applicant needs to either live in the Maidstone Borough or be working there on a permanent basis. They also need to be on a low income and have no other way to pay the cash for the deposit. Also, the property selected needs to be affordable.

At the end of the tenancy agreement, an inspection will take place. If the property was damaged then the landlord needs to make claim with the Maidstone Council. The housing team will then investigate it, whether it is for damage or rent arrears. If the claim is valid, then the council will reimburse the landlord and them pursue action against the tenant.

For more information, call 01622 602440 for an application.