UK Bill Help

Residents who have discovered the Merthyr Tydfil Bond Board already know that there is help available with rent deposits. This service of The Wallich charity connects people who can afford to rent a private home or flat to landlords willing to accept an alternative arrangement. This eliminates some of the up front housing costs that are due, mostly by eliminating the need of prospective tenant to pay cash for a rental deposit.

Someone who wishes to enter into a tenancy agreement for a flat but cannot afford both the rent in advance and the deposit could get the deposit requirement waived. A bond takes the place which is guaranteed by the council.

The Wallich expanded their rent deposit bond scheme following a partnership agreement with Merthyr Tydfil County Borough Council. Council wanted to replicate the successes in other counties. The partnership allows for council to refer residents for assistance whom they believe can afford to make a rent payment. Regular income or housing benefit through Universal Credit can be used to qualify for the monthly rent payment.

Any private residence that meets council guidelines is eligible for the scheme. It must be clean and safe. It must also be an appropriate fit for the tenant based on the number of bedrooms. A flat should not be priced higher than Local Housing Allowance.

Tenants have requirements that must be met prior to being approved for a bond. The entire household should be considered low income. This frequently means that benefit payments are being received, though this is not necessarily required. Applicants must be an established resident of Merthyr Tydfil with a local connection.

One essential trait of those who are approved is that homelessness is a real danger. Some people are already homeless. They may be living in cars or assigned to temporary accommodation. Others have a place to live but are about to be evicted or kicked out by family.

Upon approval for the scheme, a tenant merely has to come up with the amount required for the rent in advance. The Bond Board can negotiate the terms of the bond agreement with a willing landlord. Those terms can include guaranteed repayment of arrears or damages at the conclusion of the tenancy or if the property becomes vacant prematurely. The maximum bond amount is typically a single month’s rent. Landlords will receive a bond certificate that provides these protections before a tenancy agreement is signed with the applicant.

The scheme alleviates the upfront cash requirement of young or poor residents. They only have to save for the monthly rent payment. Savings above and beyond the rent in advance may disqualify someone if they are deemed able to make the deposit on their own.

Speaking of savings, The Wallach also partnered with Merthyr Tydfil Credit Union to provide bonded tenants with a way to save towards future rent deposit. These co-operative bank accounts are set up to accept regular monthly deposits so that someone can take up to two years to save for their next move. Compared to the six month saving term of other guarantees, this bond savings scheme allows for much smaller deposits to be made in 24 instalments.

Anyone who has been threatened with potential homelessness should contact the Merthyr Tydfil Bond Board at 01495 350623. They occupy an office at Council’s Castle Street headquarters.

This scheme provides one of the most effective ways for vulnerable residents to break out of social housing and get a fresh start on their own. The goal was to reduce homelessness while steering citizens away from predatory loan products that tend to cause financial harm. They have certainly succeeded. The Wallich Bond Board has provided a great service to the citizens of Merthyr Tydfil. They are beating homelessness while helping landlords reduce vacancies.