Earn Your Deposit Scheme
The incentive known as ‘Earn Your Deposit’ operated by ThamesWey Housing has been suspended in light of Woking Borough Council’s financial position.
The voluntary scheme was launched in 2018 to help those living in ThamesWey rented accommodation for more than two years, get a foothold on the property ladder. An incentive was calculated based on the time a tenant had been ‘good’ (by paying rent on time, not causing any damage to the property or anti-social activity) plus the size of the rented property and assumed growth in property value.
Since it launched, the scheme has helped 24 tenants earn a total value of £169k.
The scheme was based on assumed growth in property values and ThamesWey’s ability to refinance in order to raise the “Earn Your Deposit” incentive payments, as opposed to a set aside of tenants’ rents. The effect of the Section 114 Notice on Woking Borough Council has been to restrict the ability of the company to obtain additional borrowing and the Council, as shareholder, also asked that ThamesWey take steps to mirror the Council’s reduction in expenditure and borrowing.
The ThamesWey Housing Limited Board therefore took the decision to suspend the scheme for all ThamesWey tenants, except those who had moved out of a council secure tenancy within the Sheerwater Development.
Any security deposit you may have paid at the beginning of your tenancy is separate from the EYD scheme. This is held by the Deposit Protection Service, so is not affected by the recent EYD announcement.
No decisions have been made about the future of the scheme.
At the time of suspension there were no tenants who had an active application for assistance.
The scheme will remain suspended until Woking Borough Council is able to provide further clarity on the future funding to the company.
ThamesWey apologises for the concern this decision may have caused. Should any existing tenants wish to bring their tenancy to an end early due to this change please speak to your residential manager and we will look to work with you to facilitate this break.