The Welsh government has launched a Tenancy Saver Loan Scheme, which provides tenants with a 1% affordable loan which can be repaid over up to five years.
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.
Timothy Douglas, policy and campaigns manager of ARLA Propertymark, said: “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.”
This post has originally been featured in Property Wire.