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Scottish Government introduces new loan fund for landlords

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Scottish Government introduces new loan fund for landlords

Landlords struggling to collect rent during the coronavirus crisis will be able to access new interest-free loans, after the Scottish Government established a £5m fund aimed at covering lost income.
The Private Rent Sector Landlord COVID-19 Loan Scheme, covering the entire lost rental income for a single property, will be available to private-sector landlords who are not classified as businesses, have up to five properties to rent and have lost rental income.
The move comes after a survey from Citizens Advice Scotland found 41 per cent of people are concerned about their income during the COVID-19 outbreak.
Of those concerned, 31 per cent said they were worried about utility bills, rent and debt repayments.
In addition, 27 per cent were concerned about mortgage repayments. Twenty-nine per cent said they worried about paying council tax.

 Housing Minister Kevin Stewart said: “We want to ensure no one loses their home during this unprecedented public health pandemic which is why we passed legislation to protect tenants against any eviction action for six months.

 “This new £5m loan fund builds on that action and offers landlords the same security as tenants, ensuring they have financial support if tenants struggle to pay rent because of coronavirus.

 “While all tenants should pay their rent if they can, we recognise the financial pressure people are facing. The Scottish Government encourages landlords to talk to their tenants about rent payment issues. We also expect landlords to be as flexible as possible with their tenants, discuss managing rental payments and help them find sources of financial support and advice.”

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