Northumberland Council Funds Rent Guarantor Insurance for Private Tenants
UKPulse Property Desk
Northumberland County Council is funding guarantor insurance for private tenants who can afford rent but lack a guarantor, aiming to help them secure accommodation.
- Northumberland County Council is paying for guarantor insurance for eligible private tenants.
- The scheme targets tenants who can afford rent but cannot provide a personal guarantor.
- The council-backed insurance policy guarantees rent payments directly to landlords if a tenant defaults.
Northumberland County Council has launched a scheme to fund guarantor insurance for private tenants. This initiative aims to help individuals secure rental homes if they can afford the tenancy but are unable to provide a qualifying relative or other person to act as a guarantor.
Under the scheme, the council will fully fund guarantor insurance for approved applicants. If a tenant defaults on their rent, the policy will guarantee payments directly to the landlord.
Councillor Colin Horncastle, cabinet member for housing, stated that the council is removing a barrier for residents struggling to find accommodation due to a lack of a guarantor. He added that it also provides financial peace of mind for local landlords.
Applicants will be assessed based on their individual circumstances and their ability to maintain a tenancy. Properties included in the initiative must also meet specified safety standards. This scheme is part of the council's Property and Landlord Accreditation scheme, known as PLAN.
Why this matters: This scheme could help residents in Northumberland who are struggling to find private rented accommodation due to not having a guarantor.
What this means for you: If you are a resident in Northumberland struggling to secure private rented accommodation because you lack a guarantor, you may be able to apply for council-funded guarantor insurance. If you are a landlord in Northumberland, you can obtain additional financial security when housing residents who might otherwise struggle to satisfy guarantor requirements.