Firm joins Government-backed Rental Deposit Loan Scheme
Gerald Eve has become one of the first participants in a scheme offering workers an interest free loan to pay for their deposit on a rented home. The Rental Deposit Loan Scheme was pioneered by housing and homelessness charity Shelter and the Mayor of London last year and offers employers the opportunity to help staff with spiralling rental costs.
The Rental Deposit Loan Scheme works much like the season ticket loan scheme used by many employees. It offers staff an interest free loan to help employees pay their tenancy deposit when moving into a privately rented home. Repayments are then deducted from their monthly salary over a period of time, usually in in monthly instalments to repay the amount of the loan.
Alongside Gerald Eve, the first tranche of employers to join the scheme includes The Co-operative Group, The Confederation of British Industry, London First, the London Chamber of Commerce and Notting Hill Housing.
As housing costs put pressure on renters’ finances, the Mayor and Shelter are now calling on employers throughout the capital and the country to adopt the scheme.
The Mayor of London Boris Johnson said: “Many people living in private rented accommodation are forced to borrow money to pay for their tenancy deposit and are put in debt before they have even moved into their new home. By rolling out this scheme nationally we will be able to ensure that employees can secure a home without enduring unnecessary financial difficulty.”
Simon Rees, managing partner at Gerald Eve said: “We are acutely aware that housing costs are a major concern to many of our younger colleagues. This scheme offers us a way of helping and, in doing so, makes a significant contribution towards improving employee welfare.”
The scheme was launched in February 2015 at an event attended by Housing Minister Brandon Lewis, Deputy Mayor of London for housing Richard Blakeway, The Co-operative Group Director of Resourcing and Diversity, Adrian Shooter, and Shelter chief executive Campbell Robb.