Medway deposit help from Homebond

Anyone that needs help in coming up with the funds for a rent deposit in Medway can seek assistance from the Homebond programme. There are four tiers to this programme, and each comes with it’s own terms and eligibility conditions.

No matter which tier someone is approved for (if any) the aim of Homebond is to both prevent homelessness for those that are in arrears on their rent or to help a resident move into a new, more affordable home. The scheme will assist with the deposit by issuing a bond, and some of the tiers will even allow the applicant to find their own home to move into or pay a portion of the rent in advance up to one month.

Once enrolled, an agreement needs to be made between the landlord of the property and the tenant. Both parties need to agree to using the bond for paying the deposit and the terms of the scheme. If this does not occur then the Homebond programme will not be an option.

Information on the Homebond tiers

There are many components to it. Financial aid can be provided to pay for the deposit or even rent in advance. Also, depending on the tier (whether bronze, silver, Multi-tenancy and gold), either a loan is used for certain expenses or a grant is issued. This will determine whether the money needs to be repaid to the council or not.

The Bronze, which is the most basic level, is for residents that are not in priority need. They will be provided a bond for the deposit only. It will last for up to 12 months. Of course the landlord needs to agree to this and the tenant also needs to enroll, but the any help is limited to the deposit.

Similar to the Bronze, but lasting for a longer period of time, is the Homebond Silver scheme. This is for families in priority need. So this means they need to have children or a medical condition or disability. Similar to above, the Medway Council will pay a deposit, however the terms will last for the length of the tenancy agreement. So it could even last for multiple years. The exact length will depend on the applicant’s financial situation.

Both rent in advances and deposits can be paid by the Gold scheme. This is for truly vulnerable people. They need to be struggling to find a home to live in on their own. The two types of financial support are as follows.

Homebond will pay up to one month of rent in advance per the Gold scheme, however this is done as a loan. The council will need to ensure the amount is reasonable, but this will really help a families on a low income move in. In addition, a bond will cover the deposit that is due to the landlord. So the amount of assistance provided is very extensive.

The last form of assistance, the Multi Occupancy Bond, is for people under the age of 35. This will help pay for expenses involved in moving into a shared accommodation in the city. In some cases, there may be a deposit needed for this form of housing, and if it is, then the Medway County will offer support as part of the Multi Occupancy Bond.

When applying to Homebond, a member of the Medway Housing team will make an assessment. They will determine what someone is eligible for, and what tier that is. The office to apply at is located at Riverside One, Dock Road, Chatham, Kent, ME4 4SL, dial 01634 333600.