Deposit Guarantee Scheme
What is the Deposit Guarantee Scheme?
The Deposit Guarantee is designed to help people who can afford the rent payments on a privately rented property but would struggle to save enough money to pay for the deposit, usually required by most landlords. Broxtowe Borough Council can provide a written deposit guarantee in place of a cash deposit to a landlord. This means that if a tenant owes money during the life of the guarantee for damage, loss, or rent arrears, the value of the deposit will be reimbursed to the landlord providing a claim is submitted in line with Deposit Guarantee Scheme agreement. This saves Landlords having to deal with the cash, paperwork and deposit returns associated with Deposit Protection Schemes.
Who can use the scheme?
We use the following eligibility criteria to assess potential tenants:
- Are homeless or threatened with homelessness
- Are on state benefits / earning a low income and have insufficient savings to pay for the deposit themselves.
- Are willing to repay any sum paid by the council under the guarantee
- Have a local connection to Broxtowe Borough
- Those who are not a Council or Housing Association Tenant
If you are homeless now, or are threatened with being made homeless within the next 56 days please contact the Housing Options team for advice as soon as possible on 0115 917 3439.