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Government Aid For Private Rental Landlords
6th May 2020
A £5 million fund will offer interest-free loans to landlords whose tenants are having difficulty paying rent during the coronavirus (COVID-19) crisis. The Private Rent Sector Landlord COVID-19 Loan Scheme will offer eligible landlords up to 100% of lost rental income for a single property.
It will support private-sector landlords who are not classified as businesses, have five or less properties to rent and have lost rental income due to tenants unable to pay rent as a result of the COVID-19 pandemic. The Private Rent Sector Landlord (non-business) COVID-19 Loan Scheme opened for applications on 5 May. The Coronavirus (Scotland) Act 2020 already protects tenants from any eviction action for six months.
Landlords facing difficulties with repayments on a mortgage for a rental property are expected to seek a mortgage repayment holiday from their lender before they apply for a loan. The application process requires landlords to confirm they understand the terms of the Coronavirus Act 2020 in relation to eviction proceedings, and that they have discussed rent issues with their tenant and reached agreement on managing arrears.