Understand
Guernsey Community Savings launches interest-free rental deposit scheme
Overview
Guernsey Community Savings has introduced a new interest-free rental deposit scheme to help low-income islanders cover the upfront costs of securing a home in the private rental market. The initiative is backed by an initial £50,000 grant from Employment Social Security.
Key points
- Guernsey Community Savings launched an interest-free rental deposit scheme for eligible islanders.
- The scheme is supported by an initial one-off grant of £50,000 from Employment Social Security.
- Rental deposits in Guernsey cost an average of £2,000, creating a barrier for those on low incomes.
- Chair James Ellis noted that the private rental market is the only realistic option for many due to ongoing housing shortages.