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The initiative will see Cherwell District Council provide a bond to landlords that is double the value they can normally receive as a cash deposit. The scheme allows the council to help families who may be at risk of homelessness, while offering greater security to landlords.
“We are determined to do more for people in need of housing and this scheme will help them into affordable accommodation in the private rented sector.
“Compared to letting a property through a letting agent, the Cherwell Bond Scheme charges no fees, offers double the deposit, and gives landlords the opportunity to enhance their property.
“By working with landlords in this way we can make more private sector housing available to local people in need. I encourage anyone looking to rent out their property to get in touch and find out more about it.”
Participating landlords will be able to apply for grant funding of up to £15,000 to renovate and restore their properties and further financial support is offered to help with the cost of gas safety checks and installing smoke detectors.
The council provides support to the landlord and tenant for the duration of the tenancy and does not charge any fees for the service.
The scheme facilitates affordable rents for tenants and encourages long-term tenancies. Some tenants supported through the current Cherwell Bond Scheme have lived in their homes for over 10 years.
“As one of the first Banbury landlords, if not the first, to use the Cherwell Bond Scheme, we’ve continued to use it because it simplifies and speeds up the process of establishing new tenancies for appropriate properties.
“The most positive aspects are that suitable tenants are promptly provided, with minimum involvement on our part and helpful ongoing support from the housing team.”
Landlords who would like to sign up are invited to contact the council on 01295 227004 or email .
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