Northwood backs campaign for tenant loan scheme!

Northwood, which is part of the Belvoir Group, is backing a campaign by the National Residential Landlords Association (NRLA) calling for the Government to introduce a loan scheme to help tenants who have accrued rent arrears due to the impact of coronavirus.

Belvoir CEO Dorian Gonsalves says that whilst the rental market is robust, and Belvoir’s research confirms that the number tenants falling into arrears due to coronavirus is still very low at 3.34%, a tenant loan scheme similar to the one recently introduced in Wales will help to protect the small minority who may be struggling to make payments.

“Now that there is official confirmation that the UK has fallen into recession, and the furlough scheme is due to end in October, we believe that it is more important than ever for the Government to introduce a loan scheme similar to the one operating in Wales,” says Dorian. “Such a scheme will ensure that tenants will be able to pay their rent, and landlords can continue providing much needed housing for the PRS. The PRS is entering this recession in a completely different position to the one of 2008, and more people than ever are renting property. Homeowners with a mortgage who have been financially impacted by Covid-19 have already been able to access a mortgage holiday, and we believe it is only fair that tenants have access to a loan scheme similar to the one operational in Wales.

“Belvoir’s Q2 rental index confirms that the majority of our tenants are choosing to remain in their rental home for between a year and two years, with one office reporting an average of almost four years. Belvoir remains committed to the care of all of our tenants and landlords and we are delighted that the NRLA campaign for the tenant loan scheme in Wales has proved successful. Belvoir is very much behind the campaign to introduce a similar scheme in England.”

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