West Oxfordshire rent help from loans and bonds

Families facing homelessness in West Oxfordshire as well as people seeking private sector housing can receive rent deposit help or money to pay for in advance costs from government run schemes. The council also tries to find accommodation for the homeless in the district as well as residents that are seeking to move on into a new, private rented sector home.

Depending on the type of aid that the applicant needs, the authorities may provide an interest free loan for paying the rent in advance that the landlord requires as part of the move-in process. This form of assistance is for families or individuals that receive either a Housing Benefit or Universal Credit. Loans will cover at most up to one month worth of rent expenses, if the flat has been assessed by the authorities to be affordable to live in.

Most of those clients can afford to pay future rental costs, but coming up with an advance payment or additional fees a landlord requires is a challenge. These are the situations in which the West Oxfordshire loan scheme can help. The cash will be provided to the applicant and they will not need to pay any interest to the council. The borrower will only need to agree to a repayment plan on the principal balance of the loan.

The interest free loan will therefore free up the tenants income for paying other bills, whether housing, fuel, or other costs. The savings in interest can be significant over time. Some West Oxfordshire district families even use the savings on the loan to buy furniture for their flat. Others use the money for white goods or other needed items.

West Oxfordshire deposit help is provided from a council run bond scheme. The guarantee will only cover the costs for flats or housing in the private rented sector. It also combines ongoing tenant support and advice to help the tenant manage their finances on an ongoing basis.

It can help the homeless come up with the money for moving into the home and help families on a low income pay the initial damage deposit costs of starting a private rented tenancy. The guarantee will pay at most two month’s rent for the client.

The landlord needs to agree to the West Oxfordshire bond scheme and using this form of payment instead of cash. The housing team at West Oxfordshire council does have information on property owners that have agree to this form of payment in the past, and the specialists will also try to encourage the landlord to agree to using a bond as it will pay for any damage to the property up to a maximum, which is usually two month’s of rent. But this scheme will not guarantee to help anyone from the district, and council funds are limited as is the participation from landlords.

All residents that apply for the Rent in Advance Loan or Deposit Guarantee schemes need to be local to the West Oxfordshire district. They also need to be over the age of 18 and have no other savings, family, or resources that can help them. So the council schemes are a last resort. Housing Services can be reached at 01993 861010.