Tenancy Saver Loan Scheme launched in Wales

The Welsh Government has today, 7 October, opened applications for its Tenancy Saver Loan Scheme for tenants in the private rented sector (PRS) facing rent arrears or those who are in rent arrears as a result of COVID-19.

The Scheme provides access to a one per cent APR interest, affordable loan which can be repaid over a period of up to five years and paid directly to the agent or landlord once the application has been successfully processed. The loan is based on the tenant’s ability to repay and they will be able to borrow up to the maximum amount of rent arrears owed, or for future rental periods, provided it remains affordable to them.

How tenants can access the scheme

Agents can signpost tenants to the Scheme with a range of routes:

  • Contact Credit Unions directly: creditunionsofwales.co.uk/tsl/
  • Enquire about a loan by completing an online enquiry form: creditunionsofwales.co.uk/tsl/
  • Referred through the Welsh Government’s Early Alert scheme for rent arrears and other debt in the private rented sector which is being delivered by Citizens Advice Cymru.
  • Downloadable and printable flyers can be found on participating Credit Union websites: creditunionsofwales.co.uk/tsl

Applications for the Scheme will be accepted until 31 March 2021.

Other options for tenants

Agents should speak to tenants to discuss the possibility of agreeing to a repayment plan directly. Tenants can also contact the Citizen’s Advice Cymru Private Rented Sector helpline on 0300 330 2177, for free, confidential, independent advice on ways tenants can maximise income and manage debt – with a view to helping pay rent so they can remain in their homes.

The launch of this Scheme is good news for the sector and will help sustain tenancies and keep the rent flowing across Wales. Throughout the pandemic, ARLA Propertymark has highlighted issues affecting letting agents and campaigned for additional support, so it is really positive that the Welsh Government has listened and taken action.

Agents in Wales should continue to work closely with landlords and tenants and raise awareness of the scheme to ensure that tenants who need help during this challenging time, receive it.

Timothy Douglas Policy and Campaigns Manager | Propertymark