Will the Minister provide the total number of successful applications made for the tenancy saver loan scheme?
To December 2020, more than 800 expressions of interest were received through the Credit Unions of Wales tenancy saver loan portal.
By the 17 December, 22 loans had been approved at a total amount of £43,054. This works out as a mean average payment of £1,957 per successful applicant. The payment is made directly to the landlord, on behalf of the applicant by a credit union.
The loan does not currently form part of credit unions’ contract to provide us with regular data returns on applications submitted, loan applications progressed (or not), or applications rejected (including the reasons for rejection)
We are working closely with credit unions and Credit Unions of Wales to assess how the scheme is progressing, how applications are being considered and understand why rejections are being made. A one-off deep dive will be carried out to help analyse whether any further amendments are needed to the eligibility or affordability process for the scheme.
I have recently agreed to extend eligibility of the tenancy saver loan scheme to market rent tenants of registered social landlords. We are also exploring whether we should extend eligibility for the scheme to some other groups. Those on housing benefit and housing cost contributions of a Universal Credit claim can apply to their local authority for a discretionary housing payment which is a non-repayable payment.