How Landlords can protect their rental income after coronavirus
After the chaos of the coronavirus and its impact on landlords and tenants, I wanted to share some information around protecting your rental income, especially if you have a tenant that has accrued arrears over the last few months
Many landlords have suffered loss of rent and have seen rent arrears accrue during the lockdown period. Some tenants have been laid off or lost jobs, those on furlough we’re not on full pay and the self employed or those who have small businesses have had a very rocky time of things, often with incomes completely stopping.
In spite of the government’s “generous” support packages, landlords have received no support whatsoever – zero. To make matters worse, we had the eviction ban and the extended notice periods that were hastily cobbled together, all of which has poured misery onto misery for many landlords.
Tenancy Saver Loan scheme to launch in coming weeks
Tenants left struggling to pay their rent arrears because of Covid-19 may also be eligible to apply for a new low interest loan which can be repaid over a period of up to five years at a rate of 1% APR. The loan will be paid directly to landlords and agents.
The Welsh Government funded Tenancy Saver Loan scheme is due to launch in the coming weeks. Further details about the scheme and how it will work will be available in due course.