Earn Your Deposit is a fantastic new scheme that helps ThamesWey tenants save towards a deposit to buy their own place. Have a look at these Frequently Asked Questions to help you understand how it works.

Who qualifies for Earn Your Deposit?
Earn Your Deposit is available to all existing and new ThamesWey tenants on assured short-hold tenancies. (ASTs) To qualify all you need to do is be a good tenant – for example by paying the rent on time, looking after the rental property, and being a considerate neighbour.

I am a long term ThamesWey tenant with an original assured tenancy, how can I access the scheme?
The scheme will not be available for residents on assured tenancies, however there is an opportunity for you to swap onto a new tenancy to enable access to the earn your deposit benefits.Should swapping to a new tenancy be of interest, please contact our housing team for further information housing@thamesweygroup.co.uk

Does this mean I can buy my rented ThamesWey property?
You will not be able to buy your ThamesWey rented property, the scheme is to help you buy a property from the open market and on completion of the sale, then release your property for another rental tenant.

When did the Earn Your Deposit scheme start?
All existing tenancies that were in place prior to 1st April 2018 will start to be awarded credits from this date, which means that in April 2020 they would have accumulated a full two years’ worth of credits which will be the first opportunity that applicants are able to withdraw from the scheme.
For tenancies started after this date, contributions will be made for each full year from the date the tenancy begins. The earliest credit will be available after 2 years from the tenancy start date.

What happens if your rent account becomes in arrears or you receive warnings for other tenancy breaches?
In the event that your rent account goes into arrears or there are other breaches during your tenancy, then the annual deposit credit will not be awarded to your account for that 12-month period. Any deposit accumulated before this will not be affected.
Credits will continue to be earned in the next 12-month period assuming any tenancy breaches requires no ongoing or further tenancy enforcement actions.

What do you need to do next?
You don’t need to do anything other than continue to be a ThamesWey tenant. We will write to you annually with a statement of credits that you have accumulated into Earn Your Deposit account.

How will the Earn Your deposit credits be split between joint tenants?
All Joint tenants will be entitled to an equal share of the deposit credit. In the event that one tenant chooses to end their tenancy to then buy a property of their own, they will be entitled to their equal share. Should the remaining tenant continue with letting from Thameswey then their proportion of the lump sum will continue to be available.

Will Earn Your Deposit be available if I rent from another housing provider?
Should you leave ThamesWey Housing to an alternative provider then any credits accumulated will no longer be available to you.

Do I qualify for the ‘Earn your Deposit’ scheme if I receive housing benefits?
Yes. the scheme does not exclude housing benefit claimants, the same criteria applies where you need to keep the rent account up to date avoid any arrears and to maintain your tenancy agreement with no breaches.
ThamesWeys’s aspiration is to help all our residents that have the desire to transit through renting into home ownership, regardless if they needed a little help along the way.  

earnyourdeposit@thamesweygroup.co.uk