New scheme to help islanders secure a home

A scheme has been launched to help people who are unable to afford the upfront costs of securing a home in the private rental market.

Guernsey Community Savings has announced a new interest-free rental deposit scheme, where loans, with no additional charges, would be given to eligible islanders to cover rental deposits.

It is ran by Guernsey Community Savings and supported by an initial one-off grant of £50,000 from Employment Social Security.

James Ellis, Guernsey Community Savings chair, said: "With the ongoing shortage of social and affordable housing, the private rental market is the only realistic option for many islanders on low incomes."

He said: "Finding a deposit which costs £2,000 on average, often alongside a month's rent in advance, can be an insurmountable barrier, even if you can afford the ongoing rent.

"We have spent the past six years building a trusted service for people who struggle to access mainstream banking, and we are well placed to administer a scheme that meets this very real need.

"Given the pressures on Guernsey's housing market, this is likely to remain a critical issue for many years. We hope the scheme will make a real difference by helping more people secure a home."

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